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Copper price retreats after hitting all-time high

First copper cathode produced at Florence. (Image courtesy of Taseko.)

Copper price fell sharply on Monday, hit by profit-taking sentiment, after reaching an all-time high last week.

Copper for delivery in May fell on the Comex market in New York to $4.7120 per pound ($10,366 per tonne), down 4.5% compared to Friday’s closing.

[Click here for an interactive chart of copper prices]

Meanwhile, nickel and other metals surged as Western sanctions against Russia disrupted supply from the major producer.

The Russian invasion is shaking up raw-material markets because the nation is a heavyweight supplier in so many areas, while Ukraine is a top grain exporter.

Expectations have been “transformed by the military activities under way in Ukraine – and have inevitably become more bullish,” Citigroup wrote in its quarterly update.

“No matter what the outcome, the world will have changed whenever the current conflict reaches a point of stabilization.”

“Nerves of steel will be needed amid the extreme volatility,” analyst Daniel Briesemann at Commerzbank in Frankfurt said in a note.

“I suspect growth projections for 2022 around the world will need to be sharply revised lower, and it will be interesting to see what the central banks of the world will do, ” OANDA senior analyst Jeffrey Halley said in a report.

Related: Chile a step closer to nationalizing copper and lithium

(With files from Bloomberg and Reuters)