- Write by:
-
Friday, January 6, 2023 - 11:14:11
-
282 Visit
-
Print
Mining News Pro - The copper price rose on Thursday after news about fresh investment in China.
Copper for delivery in March rose 2.4% on the Comex market in New York, touching $3.83 per pound or $8,426 per tonne.
China’s southern manufacturing hub of Guangzhou plans 1,722 projects in 2023 worth more than 6.5 trillion yuan ($945 billion), state media CCTV reported on Thursday.
“Knowing what the year will bring after two days of trading is virtually impossible, so there’s quite a lot of caution regarding getting too stuck with a position that may not end up being the right one,” said Ole Hansen, head of the commodity strategy at Saxo Bank in Copenhagen.
“If you started out having a handsome profit on a breakout, then a fundamental piece of supportive news is enough for those sellers to have a rethink.”
Prices are unlikely to make much progress on the upside, however, with underlying concern about rising covid-19 cases in China and weakening global industrial activity, he added.
The most-traded February copper contract on the Shanghai Futures Exchange dropped as much as 1.8% to 63,850 yuan ($9,289.98) a tonne on Thursday, its lowest since Nov. 4, 2022.
Global copper smelting dips
Global copper smelting activity dipped in December as smelters shut for maintenance after a year of sluggish activity, data from satellite surveillance of metal processing plants showed on Thursday.
China’s Yunxi plant began an annual maintenance program at the start of the month, while Codelco’s Chuquicamata smelter in Chile remained closed, according to a joint statement from commodities broker Marex and SAVANT.
Global smelting activity for 2022 fell to its lowest level in the six-year history of data from SAVANT, the satellite analytics service Marex launched with Earth-i.
Short Link:
https://www.miningnews.ir/En/News/622546
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
No comments have been posted yet ...