Metals Market Mixed: Aluminium Rises, Copper Falls Amid Supply Concerns

The metals market is experiencing mixed signals as aluminium and zinc prices rise, while copper output in Chile falls due to severe storms.

Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 3% from last Friday, contributing to a gain in aluminium prices. China has pledged fiscal policy measures to strengthen economic growth, also supporting aluminium prices.

However, global primary aluminium output in July fell 1.7% year on year to 6.16 million tonnes. The trading range for aluminium is 341.6-350.4.

Copper, on the other hand, nudged down as bets of higher-for-longer U.S. interest rates offset supply concerns. Copper output in Chile fell 9.4% year-on-year in July due to severe storms affecting mining operations areas.