Mumbai, 14 Mar (Commoditiescontrol): Shanghai copper prices rallied more than 3% on Thursday to their highest level since May 2021. This surge followed an agreement by major Chinese producers to curb output amidst a shortage of raw copper ore.
The most-traded May copper contract on the Shanghai Futures Exchange (SHFE) reached a high of 72,470 yuan ($10,074) per metric ton.
On the London Metal Exchange (LME), three-month copper eased slightly by 0.1% to $8,922.50, following a strong 3% gain in the previous session.
Key Factors:
Supply Constraints: Mine disruptions and expanded global smelting capacity have tightened copper ore supply.
Chinese Response: China's largest copper smelters have agreed to reduce output at loss-making plants, reschedule maintenance, and delay new projects.
Market Impact: Analysts anticipate rebounding processing fees for copper concentrate in Q2, typically a peak maintenance period in China.
Additional Market Updates
LME aluminum rose 0.1% to $2,266.50 a ton.
Nickel eased 0.3% to $18,285.
Zinc was nearly flat at $2,576.50; lead was unchanged at $2,169.
Tin jumped 1.3% to $28,430.
SHFE aluminum rose 0.4%; nickel increased 0.4%; zinc climbed 0.8%; lead advanced 0.5%; tin jumped 2.6%.
(By Commoditiescontrol Bureau; +91-9820130172)
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