Nickel climbed to a 14-month high in London on speculation supplies will be disrupted from Russia because of more discord in Ukraine.
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.
Tin rose to a record in London as declining stockpiles and mining disruptions heightened speculation that supplies won’t be adequate for demand.
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.
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.
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 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.
Copper futures fell to a one-week low after manufacturing shrank more than estimated in China and some Federal Reserve officials advocated further curbing of U.S. economic stimulus.
Copper rose in London, capping the first weekly gain since December, amid speculation that demand for the metal will strengthen as economies accelerate.
"This metal is currently being driven up by the conflict between Russia and Ukraine and associated concerns about supply outages."
- Daniel Briesemann on Apr 22, 2014