Copper, the worst performing major metal this year, is underpinned by prospects of a recovery in Chinese demand that will help counter increased supply, according to some of the world’s biggest producers.
Hedge funds and private equity firms drove a surge in freight-swaps trading in the first quarter amid signs the shipping industry is starting to recover from a slump, according SSY Futures Ltd., a derivatives broker.
Aluminum-delivery bottlenecks at warehouses that raised buyer costs and dragged the world’s biggest metals exchange into 26 U.S. lawsuits will last longer, after a plan to ease delays April 1 was tossed out by a judge.
Nickel prices, poised to enter a bull market, climbed to the highest since April on speculation that Russian faces more political sanctions, exacerbating supply concerns after Indonesia banned unprocessed ore exports.
United Co. Rusal, the largest aluminum producer, said new rules on warehousing threaten to worsen a supply shortfall, helping drive up the premiums buyers pay for swift delivery to 50 percent of the market price.