The additional costs paid by buyers for delivery of aluminum “soared to unimaginable highs” and are expected to rise higher amid demand from consumers and financiers, according to Commerzbank AG.
Gold, trading near a record in London, may climb on concerns over the strength of the U.S. economic rebound and rising inflows into exchange-traded products. Silver pared gains after advancing to a 30-month high.
Gold’s “correction” was overdue and the metal may slide below $1,700 an ounce in the next few days before rebounding, said Daniel Briesemann, an analyst at Commerzbank AG.
Tin rose to a record in London as declining stockpiles and mining disruptions heightened speculation that supplies won’t be adequate for demand.
Copper may fall in London, rounding out the first weekly drop in six weeks, as the dollar strengthens amid speculation Group of 20 officials will agree to refrain from weakening currencies.
Sales of American Eagle silver coins by the U.S. Mint since the start of the year surpassed the annual record as the futures market rallied from the lowest in 34 months.
Copper fell in London amid speculation Chinese holidays next week will sap demand in the world’s biggest consumer of the metal at a time when reports suggest the nation’s economy is slowing.
"Iron ore demand appears to be cooling in China."
- Daniel Briesemann on Aug 29, 2014