- Write by:
-
Monday, April 8, 2024 - 21:37:51
-
97 Visit
-
Print
Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter supply and hopes for a recovery in Chinese demand.
Prices climbed as much as 1.7% to $9484.50 a ton on Monday before paring some of the gains. The metal has rallied about 15% in the last two months.
Disruptions at major mines are forcing smelters to pay historically steep prices to obtain of mined ore, and Chinese plants — which produce more than half the world’s refined copper — are moving closer to implementing a joint output cut in response.
At the same time, investors are becoming more optimistic about the world’s second-largest economy. China’s official manufacturing purchasing managers index in March registered the highest reading in a year, the latest positive sign, alongside strong exports and rising consumer prices.
“Last year, rising demand for renewables and EVs in China already offset the slump from the more traditional sectors like the property market,” said Ewa Manthey, a commodities strategist at ING Groep. “We expect this shift in demand drivers to continue this year.”
Chinese copper producers including Yunnan Copper Co. and Jiangxi Copper Co. Class A shares rose on Monday.
Separately, aluminum nickel and zinc all declined in London trading.
Short Link:
https://www.miningnews.ir/En/News/628236
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
No comments have been posted yet ...