Metal prices on the rise as COVID-19 hits supply

Global metal prices have seen the first sustained rise in months after the coronavirus pandemic sent them on an initial steep decline.

The ABC is reporting that the Minerals Council of Australia says global stimulus packages are contributing to the market rise.

Mines are classed as essential services within Australia and most are still operating, albeit with some logistical issues.

Despite a correction earlier this week, the past fortnight has seen copper and zinc prices consistently climb after reaching their lowest value since 2016.Nickel has also been on the increase.

CRU commodity analyst Paul Wiggers de Vries said mine closures in Africa and South America had caused a large reduction in supply, pushing prices up.

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