https://www.miningweekly.com
Copper|Refining
Copper|Refining
copper|refining

Copper inches up on tight global supplies, China Covid cases weigh

23rd November 2022

By: Reuters

  

Font size: - +

Copper ticked up on Wednesday on support from tight global supplies, while steadily rising Covid-19 cases in the world's top metal consumer China continued to weigh on sentiment.

Investors also awaited more clues on US interest rates ahead of the minutes of the last Federal Reserve meeting, due at 1900 GMT.

Three-month copper on the London Metal Exchange CMCU3 was up 0.2% at $8 028 a tonne by 0842 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange closed day-time trade 0.4% higher at 64 890 yuan a tonne.

"Stock levels are currently very low. Equivalent to, on a global basis, around two days of demand. On an ex-China basis, just under a week's demand," Paul White, secretary general at International Copper Study Group, told the CRU World Copper Conference Asia.

"Normally we would expect stock levels to be around a month of demand."

The low inventories in China drove prices of refined copper up 144 yuan to 65 214 yuan a tonne on Wednesday, according to information provider Mysteel.

China reported 29,157 new COVID-19 infections for Nov. 22, a new high in more than seven months. Large cities including Beijing, Shanghai and Guangzhou have tightened prevention measures, fanning worries about the impact on the world's second-largest economy. 

Some Chinese copper smelters are meeting miners in Singapore to discuss 2023 copper concentrate treatment and refining charges.

Freeport-McMoRan expected difficult negotiations with Chinese smelters amid market uncertainties and a potential surplus.

Edited by Reuters

Comments

Latest News

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 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:0.167 0.2s - 91pq - 2rq
Subscribe Now