The rally in the base metals markets picked up further on Friday. A scarce supply, logistical bottlenecks and booming demand are driving prices to ever new multi-year highs. At its peak, aluminum cost $ 2915, 2.7 percent more per ton, a thirteen-year high. The price of nickel rose to $ 20,705 in London, its highest level since 2014. Both metals benefit from the robust long-term prospects as they play an important role in the clean energy transition and as China tackles emissions in its energy-intensive industries . “China’s crackdown on energy-intensive industries is expanding from aluminum to stainless steel and nickel pig iron,” said Zhou Weigang, analyst at Jinrui Futures Co.
Supply bottlenecks caused by cyclone Ida and the hope that relations between the US and China would ease up drove oil prices up. The Brent variety from the North Sea cost $ 72.76, 1.8 percent more per barrel. The US light oil WTI rose 2.1 percent to $ 69.53. US President Joe Biden had spoken directly to his Chinese colleague Xi Jinping for the first time in seven months. Due to delays in restarting oil production to Ida, a limited supply must also be expected in the coming weeks, says analyst Stephen Brennock from the brokerage firm PVM Oil Associates.
The telephone conversation between the two heads of state was also received positively on the foreign exchange markets. The New Zealand and Australian dollars, which often benefit from good market sentiment, gained. By contrast, the Japanese yen as a safe haven for investment came under pressure. The euro remained at the previous day’s level at $ 1.1824.