After a 10.03% decline in 2023, the LME metals composite rallied 11.24% in Q2 and was 11.51% higher than the 2023 closing level. Steady interest rates, a U.S. and U.K. ban on Russian metals on the LME, and the prospects for economic recovery in China lifted metal prices. Copper did not post the most significant rally, but the leading nonferrous metal rallied to a new record high at nearly $5.20 per pound before correcting lower.
New highs in copper- The target remains much higher
