https://www.miningweekly.com
Aluminium|Copper|Health|Industrial|Lifting
Aluminium|Copper|Health|Industrial|Lifting
aluminium|copper|health|industrial|lifting

Copper hits 3-week high after more Chinese cities ease Covid curbs

5th December 2022

By: Reuters

  

Font size: - +

Industrial metals rose on Monday, with copper scaling a three-week peak as a partial easing of Covid-19 restrictions in top metals consumer China raised hopes for a full reopening of the economy, with a weaker US dollar also lending support.

Three-month copper on the London Metal Exchange CMCU3 was up 0.6% at $8 504 a tonne, as of 07:00 GMT. It hit its highest since November 14 at $8 555 during Asian trading.

On the Shanghai Futures Exchange, the most-traded January copper contract SCFcv1 ended daytime trade 0.7% higher at 66 260 yuan ($9 529.56) a tonne, after earlier hitting 66 860 yuan, its strongest since Nov. 16.

Amid Beijing's changing narrative on Covid-19's health risks, more cities announced an easing of curbs on Sunday, lifting large-scale lockdowns, reducing regular tests and ending checks for negative results in public spaces.

"The driving force today is the higher expectations for economic recovery in China. With China's reopening seemingly a matter of time, the focus switched to economic development," Marex metals analysts said in a note.

China's restrictive zero-Covid policy has dampened overall demand and industrial activity, and sparked unprecedented protests last month.

A softer dollar also supported LME prices, as it made greenback-priced commodities cheaper for buyers using other currencies. The dollar index =USD was down 0.18% at 104.28, its lowest since June 28, after falling 1.4% last week.

Among other metals, aluminium CMAL3 gained 0.8% to $2,566 a tonne, zinc CMZN3 added 1.3% to $3,120, lead CMPB3 rose 1.4% to $2,232.50 and tin CMSN3 climbed 4.3% to $24,250.

SHFE aluminium SAFcv1 was up 0.7% at 19 320 yuan a tonne, nickel SNIcv1 climbed 3% to 207 750 yuan, lead SPBcv1 gained 1.7% to 16 005 yuan, tin SSNcv1 added 3.9% to 194 530 yuan, and zinc SZNcv1 was little changed at 24 520 yuan.

Edited by Reuters

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.156 0.192s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: