- Write by:
-
Wednesday, January 5, 2022 - 12:48:22
-
310 Visit
-
Print
Mining News Pro - March delivery contracts were exchanging hands for $4.40 a pound ($9,680 a tonne) on the Comex market in New York, down 0.4% compared to Monday’s closing.
Copper price on the Shanghai Futures Exchange ended daytime trading 0.5% higher at 70,380 yuan ($11,043.46) a tonne. Shanghai copper benchmark has gained more than 20% this year.
The most-traded February copper contract on the Shanghai Futures Exchange fell 0.5% to 69,760 yuan ($10,948.07) a tonne.
The dollar index held firm, after rising 0.6% in the previous session, underpinned by a jump in Treasury yields overnight, as traders bet on an early US Federal Reserve interest rate hike.
While a firmer dollar makes greenback-priced metals more expensive to holders of other currencies, an early rate rise could trim liquidity in financial markets and slow recovery in the world’s biggest economy.
Shanghai copper benchmark gained more than 20% in 2021, on robust demand from top consumer China, but some analysts expect demand to cool in 2022.
“China has been a primary source of demand for base metals since 2003, but we think this trend has started to come to an end,” said Justin Smirk, senior economist at Westpac in Australia.
“With the decline of investment and production as key growth drivers, this will see diminishing incremental economic growth and a reduction in materials demand as a share of output,” he said.
Short Link:
https://www.miningnews.ir/En/News/618359
Battery metal prices are on the floor, and massive expansions by Chinese miners have been instrumental in driving them ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing ...
Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Aluminum prices touched an 11-week high on Monday over concerns over slow recovery in production in China’s Yunnan ...
China’s steel industry is young compared to Europe’s, and its transition to net zero may be slower as it takes a ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
Iron ore futures were mixed on Friday, but set for a weekly gain on mounting anticipation of a pick up in demand in top ...
No comments have been posted yet ...