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Copper price up as China imports help

Metal News - Published on Fri, 29 Dec 2017

Image Source: wikimedia.org
Reuters reported that copper prices soared to four-year peaks after a jump in China’s imports of the metal in November boosted expectations of stronger demand from the top consumer. Traders said copper’s rally accelerated after New York opened, with United States-based funds leaping on the uptrend. Benchmark copper on the London Metal Exchange ended up 0.7 percent at USD 7,289 a tonne from an earlier USD 7,312.5, its highest since January 2014. It is up more than 30 percent so far this year and on course for its largest annual rise since 2009.

IMPORTS: China’s copper imports rose to 329,168 tonnes in November, up 19 % year on year. Over the first 11 months of 2017, however, copper imports of 2.915 million tonnes are down more than 10 % from the same period in 2016.

JIANGXI: Traders said a media report, later denied, that China’s top copper producer, state-owned Jiangxi Copper, had stopped production also supported prices this week.

SMELTER: Pan Pacific Copper, Japan’s biggest copper smelter, expects copper prices to rise by more than a quarter over the next two years as global demand grows and outpaces supply.

ALUMINIUM: Prices rose 2.7 % to USD 2,252 a tonne from an earlier USD 2,254, their highest since March 2012.

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Posted By : Rabi Wangkhem on Fri, 29 Dec 2017
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