Base metals prices are rising today. Copper and zinc prices rose sharply after the London Metal Exchange announced on Thursday new restrictions on shipments from UMMC facilities. Aluminum prices have climbed by 2.5% to above $2,400 per ton for the first time since August 30, according to market data.

Base metals market

December futures on copper on the Comex exchange rose 0.95% to $3.5767 a pound (about 0.45 kilograms) at 10.20 am, while the maximum price was $3.5922. Zinc futures rose 3.7% to $3,156.5 per ton, compared with a daily high of $3,192.5.

Aluminum futures were up 1.68% to $2,391.5 per ton by this time and were already up to $2,419. Aluminum has been rising in price since late last week after reports surfaced that the LME is considering possible bans on new shipments of Russian metal to its warehouses.

At the end of Wednesday’s trading on the LME, the price per ton of copper with delivery in three months was down 0.5% to $7,679.5. Aluminum was up 0.17% to $2,352 and zinc was down 0.1% to $3,044.

Earlier we talked about gold prices surpassing $1,700 an ounce.