LME Copper Hits Record High as Base Metals Rise Amid Geopolitical Tensions

Base metals on the domestic market mostly rose by midday, except for lead. SHFE copper gained 1.36%, while SHFE aluminum edged up 0.51%. The most-traded cast aluminum futures contract fell 0.04%, and the most-traded alumina contract dropped 0.8%. In contrast, LME copper hit a record high of $14,617/mt during the session.

The price rise in base metals is attributed to various factors, including concerns over supply disruptions due to geopolitical tensions. The Strait of Hormuz has seen slowed shipping traffic, and Iran threatened to disrupt oil exports. Saudi Aramco's Jizan oil facility was attacked, further intensifying concerns over supply disruptions.

Ferrous metals also saw a rise in prices, with iron ore gaining 0.82% and hot-rolled coil rising 0.36%. Coking coal rose 1.19%, and coke gained 1.07%.