| Industrial metals continued their ascent on Wednesday, with aluminium, zinc and lead playing catch-up with copper, which has gained 5 per cent this week. Aluminium for three-month delivery on the London Metal Exchange rose 0.7 per cent to $1,644 a tonne, while lead added 1.7 per cent to $1,718 a tonne. Copper rose as much as 1.5 per cent to $5,434.50, but was later trading at $5,364 a tonne, up 0.2 per cent.
Copper has jumped this week as more miners mothball operations at lossmaking mines, tightening the market for the metal that had fallen 16 per cent in 2015. Glencore’s dramatic decision to cut 400,000 tones of copper production over the next 18 months at two mines in the Democratic Republic of Congo and Zambia comes in the wake of closures or cutbacks at mines controlled by Freeport-McMoRan, Asarco and Ok Tedi...............................................Full Article: Source
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