Copper impactRussia is responsible for around 4% of global...

Copper impact

Russia is responsible for around 4% of global refined copper production and Russian copper accounts for approximately 60% of LME warehouse inventories. Copper prices were very much already on the move in advance of the new sanctions, but given the substantial proportion of Russian-originated copper in LME warehouses, there will potentially be a similar positive impact felt here as with Aluminium.

LME Copper price chart

The response to the LME copper price was substantially muted compared to that of Aluminium, in fact, LME Copper actually dipped slightly on Monday.

Still, from a technical analysis standpoint, the chart of LME Copper shows a well-established short-term uptrend and a newly established long-term uptrend. The price action is rising peaks and rising troughs.

The zone between 9082 and 9121 is an area of historical demand, while the next key historical point of supply is 9436. If LME Copper can close above 9436, the next key historical point of supply is 9712.

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