- Write by:
-
Thursday, July 22, 2021 - 23:14:26
-
396 Visit
-
Print
Mining News Pro - Copper price rose on Thursday, as China decided to release fewer reserves metals than expected.
Copper for delivery in September rose 1.6% from Wednesday’s settlement price, touching $4.343 per pound ($9,554 per tonne) midday Thursday on the Comex market in New York.
The most-traded August copper contract on the Shanghai Futures Exchange increased 0.8% to 68,740 yuan ($10,632.14) a tonne.
China will sell another 30,000 tonnes of copper, 90,000 tonnes of aluminum, and 50,000 tonnes of zinc from its state reserves on July 29, less than the market has anticipated.
“It is slightly less than the market expected but it should be priced in already as it’s pretty well flagged,” Anna Stablum, a commodities broker at Marex Spectron, said of the auction.
The auction marked the second sale by China this month as the government aims to rein in skyrocketing commodity prices.
Since announcing the sale of stockpiled base metals on June 16, domestic futures prices have been little changed, or risen slightly.
The global world refined copper market showed a deficit of 75,000 tonnes in April, compared with 13,000 tonnes deficit in March, the International Copper Study Group said in its latest monthly bulletin.
World refined copper output in April was 2.07 million tonnes, while consumption was 2.14 million tonnes.
Short Link:
https://www.miningnews.ir/En/News/615079
The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia’s ...
Democratic Republic of Congo and Chinese investors on Thursday signed an agreement reached in January that revises some ...
South African coal miner Exxaro Resources is considering potential deals to acquire copper and manganese assets as part ...
Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the ...
Chinese top copper smelters on Wednesday came to a rare agreement to jointly embark on production cuts at some ...
Copper and zinc miner Teck Resources is considering building a lithium-ion battery recycling facility in British ...
China’s copper smelters are at a critical juncture after fees for processing imported ore collapsed to single figures, ...
Peru’s copper production should reach 3 million metric tons this year after hitting 2.76 million tons in 2023, energy ...
Recent tests of an AI system showed that it can detect how poorly regulated road development for mining, logging and ...
No comments have been posted yet ...