- Write by:
-
Friday, March 29, 2024 - 22:27:54
-
82 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
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
No comments have been posted yet ...