This morning in metals news, copper prices were up Friday but expected to be down for the week, Rusal says the aluminum market recovery could stretch into next year and JW Aluminum’s CEO weighed in on potential impacts of the COVID-19 pandemic on U.S. businesses’ sourcing strategy.
Copper up Friday, down for the week
Despite making gains Friday, copper prices were headed for a weekly drop, Reuters reported.
LME copper ticked up slightly Friday but was down over 1% for the week, according to Reuters.
Rusal on aluminum market recovery
Russian aluminum major Rusal indicated the aluminum market’s recovery could linger into next year if supply isn’t taken off the market, per a report by the Hellenic Shipping News.
According to Roman Andryushin, Rusal’s director of marketing and sales, it’s unlikely that global aluminum demand will return to 2019 levels this year.
Onshoring in the U.S.
Recycling Today quoted JW Aluminum CEO Lee McCarter, who argued the COVID-19 crisis will spur U.S. firms to onshore.
“It didn’t go offshore overnight, and it won’t come onshore overnight,” McCarter was quoted by Recycling Today as saying.