Translated by MOS Gospel Team -lilian89 

According to the Wall Street Journal, the global energy crisis is causing supply chain disruptions, and raw material prices are soaring across the board. Prices for commodity metals like zinc and copper are soaring, with zinc prices near their highest point in 2007. On Wednesday, the U.S. raw materials industrial commodities spot index soared to a record high, reflecting the leather, butter, and metal scrap, etc., not in the futures exchange trading of raw materials prices are also soaring. On the London Metal Exchange, zinc rose as much as 6.9% today to $3,637.50 per ton, and in Shanghai, zinc’s trading price also rose today to close at $25,700 per ton.

Meanwhile, aluminum prices are now at their highest level since 2008. On the London Metal Exchange, the spot premium for copper reached its highest level in nearly a decade. In Shanghai, copper prices are up by up to 5%. All these phenomena show that spot supply is under huge pressure, and the soaring prices of raw materials are pinching the lifeline of economic development. A global economic recession seems inevitable.

Edited by: Hetangyuese
Proofread by: Hetangyuese
Posted by: Hetangyuese

Sources:
1. https://wallstreetcn.com/articles/3642359
2. https://www.bloomberg.com/news/articles/2021-10-14/lme-metals-index-hits-record-high-as-energy-crisis-hurts-supply
3. https://www.spglobal.com/platts/en/market-insights/latest-news/metals/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge
4. https://www.metalbulletin.com/Article/4011795/base-metals/LIVE-FUTURES-1410-LME-zinc-price-at-highest-since-2007-copper-cash3-month-spread-in-backwardation.html

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