- Write by:
-
Thursday, May 12, 2022 - 14:15:12
-
487 Visit
-
Print
Mining News Pro - Copper price rebounded on Wednesday as slowing covid-19 infections in top metals consumer China eased near-term demand concerns, even as enduring pandemic-related lockdowns weighed on sentiment.
Copper for delivery in July rose 2.3% from Tuesday’s settlement price, touching $4.25 per pound ($9,350 per tonne) midday Wednesday on the Comex market in New York.
The most-active June copper contract on the Shanghai Futures Exchange was up 0.3% at 71,641 yuan ($10,666.42).
Shanghai said half the city had achieved “zero-COVID” status, but uncompromising restrictions had to remain in place under a national policy.
Lockdowns in China and worries over aggressive US interest rate hikes this year have weighed on base metals, with copper hitting its lowest in almost eight months on Monday.
“Hedge funds are turning increasingly bearish on the copper market amid mounting evidence that global manufacturing activity is starting to stall,” wrote Reuters columnist Andy Home.
“Bears now outnumber bulls on the CME copper contract for the first time since May 2020, when the copper price was just starting to recover from the first wave of covid-19 lockdowns.”
On the supply side, Peru’s government on Tuesday failed to reach an agreement with a group of indigenous communities whose protests have halted operations at MMG Ltd’s massive Las Bambas copper mine.
Short Link:
https://www.miningnews.ir/En/News/621294
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
No comments have been posted yet ...