login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Copper Hits Multi-Year Highs on Chinese Production Cuts

15 Mar 2024 11:01 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Copper prices surged to multi-year highs on Friday following reports of planned production cuts by major Chinese smelters.

Key points: Price Surge: Three-month copper contracts on the London Metal Exchange (LME) jumped 1.2% to $8,998 per metric ton, while Shanghai Futures Exchange (SHFE) May copper contracts surged 1.3% to 72,610 yuan ($10,089.77) a ton – the highest since May 2021.
Chinese Influence: Announcement by Antaike indicating production cuts by Chinese smelters drove the rally. China dominates the global refined copper market, accounting for 47% of production last year.
Spillover Effect: LME prices for aluminum, nickel, zinc, and tin all registered gains due to potential supply restrictions.
Market Concerns: Despite the positive news, analysts remain cautious about the impact of a stronger US dollar and supply disruptions in other regions.
Outlook: Heightened volatility expected as market assesses supply dynamics and global economic growth prospects.


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Special Reports
London Metal Exchange Settlement - 06-Dec-2023
Emerging Markets to Fuel Copper Demand Surge by 2030, A...
China's Demand Surge and Global Supply Boom Trigger 20...
Global Copper Smelting at 2-Year Low Due to Maintenanc...
Copper Demand Set to Outstrip Supply, Threatening Clima...
more
Top 5 News
US soybean net sales for May 31-June 6 at 377,100 MT, u...
US cotton net export sales for May 31-June 6 at 177,100...
USDA lowers 2024-25 global soybean ending stocks estima...
USDA revises 2024-25 global cotton ending stocks estima...
INDIA PORT STOCK SUMMARY - VEGETABLE OIL(IN MTS*) - As ...
Top 5 Market Commentary
ZCE Cotton And Yarn Evening Closing - 13 JUNE 2024
DCE Oil Complex Evening Closing - 13 JUNE 2024
Domestic Pepper Prices Stable; Vietnamese Prices Dip Am...
Clove Prices Remain Steady Across Key Markets
ICE/ZCE Daily Rates Update ( Time: 20:24 ) - 13 JUNE 20...
Copyright © CC Commodity Info Services LLP. All rights reserved.