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Copper hits 2 month peak at SHFE over gas shortages

Metal News - Published on Tue, 26 Dec 2017

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Reuters reported that Shanghai copper prices rose 0.7percent on Monday to a two-month peak as smelters in China cut production amid natural gas shortages in some parts of the country. The most-traded February copper contract on the Shanghai Futures Exchange closed up 0.7 percent to CNY 54,700 (USD 8,347) a tonne on Monday. Three-month copper on the London Metal Exchange was up 0.7 percent to USD 7,136 a tonne on Friday. LME was closed on Monday for the Christmas holiday.

CITIC Futures analysts said "Due to tight gas supplies in northern China, such as in Hebei and Shandong, some copper processors have been cutting output. The impact on copper output may last into early next year, as big copper enterprises are still in talks with gas suppliers.”

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Posted By : Rabi Wangkhem on Tue, 26 Dec 2017
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