Muscat: Copper prices rose more than one percent today, recovering some of the sharp losses from last week, supported by easing geopolitical concerns in the Middle East and falling inventories in Asian markets. Copper traded at $13,659 per tonne on the London Metal Exchange, following its steepest drop since March on Friday, which came amid a sharp sell-off in global stock markets led by US technology shares. According to Oman News Agency, the rebound was driven by a drop in copper inventories in Shanghai Futures Exchange warehouses to 169,512 tonnes by the end of last week - the lowest level since the start of the year - reflecting strong demand from clean energy transition projects and electricity expansion in China. Aluminium prices held broadly steady, while tin fell 1.4 percent. Base metal markets continue to face pressure from investor expectations that the Federal Reserve may raise interest rates again this year following stronger-than-expected US jobs data. Higher rates typically weigh on economic activity and reduce demand for industrial raw materials.
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