- Write by:
-
Friday, March 29, 2024 - 22:27:54
-
103 Visit
-
Print
Shanghai copper prices were little changed on Friday, but poised for their biggest monthly gain in 16 months amid prospects of lower supply.
The most-traded May copper contract on the Shanghai Futures Exchange was up 10 yuan, or 0.01%, at 72,190 yuan ($9,988.65) per metric ton as of 0145 GMT.
The contract has gained nearly 5% so far this month, heading for its biggest monthly gain since November 2022.
The London Metal Exchange is closed for the Good Friday holiday.
Chinese copper smelters agreed earlier this month to curb their output amid short supply of copper ore and concentrate, sending prices to a record high.
Copper is used in the power, transportation and construction sectors.
Lead futures prices rose to a four-month high on prospects of tighter supply. Since mid-March, large domestic lead smelters have been undergoing maintenance, which is expected to affect about 20,000 tons of production in April, according to analysts at Jinrui Futures.
Nexa Resources’ recent announcement that it would suspend production at its Morro Agudo lead mine in Brazil from May 1 also added to supply concerns.
SHFE lead rose 2.42% to 16,740 yuan a ton.
Aluminum climbed 0.82% to 19,595 yuan, nickel added 0.54% to 130,400 yuan, zinc rose 0.55% to 20,930 yuan and tin rose 1.21% to 226,070 yuan.
Short Link:
https://www.miningnews.ir/En/News/628178
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
No comments have been posted yet ...