- Write by:
-
Monday, July 26, 2021 - 22:45:53
-
561 Visit
-
Print
Mining News Pro - Copper prices jumped on Monday as floods in China sparked demand hopes at a time when inventories are falling.
Copper for delivery in September rose 4.5% from Friday’s settlement price, touching $4.602 per pound ($10,120 per tonne) midday Monday on the Comex market in New York.
Benchmark copper on the London Metal Exchange was up 0.9% at $9,604.50 per tonne in official trading, after touching its highest since June 16 at $9,665 per tonne.
Floods in central China, especially in the industrial and transport hub city of Zhengzhou in Henan province, have raised supply concerns and demand for rebuilding damaged infrastructure.
Flooding has caused at least $10 billion in damage, according to state media.
“Sentiment has brightened again in the last few days, reflected in the copper price,” Commerzbank analyst Daniel Briesemann said, adding he believed copper was due for a correction.
A Singapore-based trader said the market was pricing in disruptions to output from floods in Henan and demand for reconstruction.
Related read: Are copper prices in a supercycle? A 120-year perspective.
Copper prices have been advancing after China revealed that will release fewer metals reserves than expected.
China will sell another 30,000 tonnes of copper, 90,000 tonnes of aluminum, and 50,000 tonnes of zinc at auction from its state reserves on July 29.
The auction will mark the second sale this month as the government aims to rein in skyrocketing commodity prices.
“It is slightly less than the market expected but it should be priced in already as it’s pretty well flagged,” said Anna Stablum, a commodities broker at Marex Spectron.
Short Link:
https://www.miningnews.ir/En/News/615111
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
No comments have been posted yet ...