Copper, aluminium firm over tightening supplies

information provide a smarter and wise way of executing activities in order to minimise risks and reduce losses.

He noted that throughout the agricultural value-chain, weather and climate information is critical while encouraging clients and stakeholders to embrace the partnership with them to improve food security in the nation.

Matazu noted that NiMet predicted 2022 dry spell for the month of May into June indicated with a mild dry spell of less than eight days in Taraba, Nasarawa, parts of Oyo, Niger, Ekiti, Plateau, Ogun, Osun, Edo and Anambra states.

He added that a moderate dry spell that was likely to persist for up to 15 days was predicted over parts of Adamawa, Benue, Kogi, Ekiti, Kwara, Niger, FCT, Kaduna, Sokoto, Kebbi and Gombe.

The director-general paid an unscheduled visit to the agency’s Synoptic Station in Abakaliki, Ebonyi State to monitor and evaluate ongoing projects at the station.

He applauded staff at the station and encouraged them to be diligent at their workplace as the agency will continue to provide the necessary tools to ensure a conducive working environment for them and every other staff of the agency.

COPPER AND ALUMIN IUM TRADED HIGH ER AT THE CLOSING SESSIONS OF THE WEEK, underpinned by tight supply concerns and optimism of more Chinese stimulus, amid Covid-19 resurgence.

Benchmark copper on the London Metal Exchange (LME) was up 0.6 percent to $10,378 a tonne, while aluminium gained 1.1 percent to $3,421 a tonne.

Caroline Bain, chief commodities economist at Capital Economics,who confirmed a constraint in supply of the metals, as well as low stocks in warehouses, forecasted that prices will stay high for most of the year, notwithstanding the Covid-19 lockdowns in China and the war in Ukraine which are dampening demand for the metals.

Bain opined that metals prices may be supported by the likelihood of major stimulus measures in China, depending on an improvement or deterioration in the Covid situation across the world’s most populous country.

Daniel Briesemann, commodity analyst at Commerzbank, observed that Chilean copper production was incredibly low in February. He added that prices of the red metal will rise further, before falling towards the year.

Other base metals also traded on a bullish platform as zinc was up 1.5 percent to $4,249 a tonne, lead added 1.5 percent to $2,420 a tonne, tin firmed 0.5 percent to $43,800 a tonne, and nickel gained 0.8 percent to $33,950 a tonne.