Base metals stage rapid retreat as profit taking accelerates

Russian RCC and Chinese firms have avoided taxes and skirted the impact of sanctions by trading in new copper wire rod disguised as scrap.

The opportunity lies in massive piles of Russian metal already sitting in the LME global warehouse network.

Near-term ore demand will remain solid as mills show increasing willingness to resume production after an improvement in margins and downstream demand, said analysts.

Tin's 25% advance in 2024 puts it well ahead of more closely-watched commodities like copper or crude oil.

China’s Copper Smelter Purchase Team appears to be making good on promises of cutbacks with end-March inactivity at refiners jumping to 12.8% compared to 4.1% a year ago. 

Aluminum jumped as much as 9.4% as the market opened, the most since the current form of the contract was launched in 1987.

The sanctions now leave the Shanghai Futures Exchange as the only major commodities bourse in the world to accept Russian shipments.

Iron ore shipments from top suppliers Australia and Brazil tumbled by 28.8% week-on-week.

Record prices pushing toward $2,500 an ounce are proving hard to resist.