Further highs are coming in for many of the metals on the back of supply concerns. The metal sector started 2022 with lower inventories and many of these metals ended the previous year with the backwardation and that has gotten even steeper.

There are supply disruption concerns that the markets are working with and with the renewed sanctions that has been seen on Russia and the fact that much of the trade on Black Sea has been halted, many of the shipping companies do not want to work with Russia, they have halted to-and-fro work in case of Russia, which seems to be keeping the metal prices on the higher side.

Also Read:

Oil prices key in near-term; Asia to outperform in 6-12 months: Standard Chartered Wealth

With the rising prices of metals, there have been reports of western customers and consumers hoarding a lot of these metals, which is adding premium to prices.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

Catch all stock market updates here