Prices of industrial metals on the rise


Three-month copper on the London Metal Exchange was up 0.2% at US$7,336.50 (RM32,679) a tonne, while the most-traded August copper contract on the Shanghai Futures Exchange climbed 0.8% to 56,930 yuan (US$8,410.15 or RM37,461) a tonne.

BEIJING: Base metal prices rose yesterday, rebounding from a knee-jerk reaction to a bigger-than-expected rate hike by the European Central Bank in the previous session, while global supply risks also lent support.

Three-month copper on the London Metal Exchange was up 0.2% at US$7,336.50 (RM32,679) a tonne, while the most-traded August copper contract on the Shanghai Futures Exchange climbed 0.8% to 56,930 yuan (US$8,410.15 or RM37,461) a tonne.

Freeport-McMoRan Inc, the world’s top publicly traded copper miner, said current prices are not high enough to support new mines, which could worsen already tight supply.

Miners Vale SA and Antofagasta Plc cut their 2022 copper production outlook.

Supply risks also returned at MMG Ltd’s Las Bambas copper mine in Peru, one of the world’s biggest, after a 30-day truce aimed at resolving conflicts between local communities and the company ended. — Reuters

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Base , metal , prices , rise , copper , LME , Shanghai ,

   

Next In Business News

Gamuda rises in early trade following record-breaking earnings in FY22
Turkish, Malaysian exports to enjoy duty-free treatment effective Jan 1, 2023
China's Sept factory activity contracts more sharply as demand slumps - Caixin PMI
Ringgit opens higher vs US dollar for second consecutive day
Selling persists on Bursa as recession fears spike
Trading ideas: Gamuda, Poh Huat, Aeon Credit Service, Hiap Teck, Scientex, Gadang, KNM, Heng Huat and UEM Edgenta
Reservoir Link secures well-test job
Gadang wins RM188mil PWD contract
Gamuda bullish about prospects
Pound may need to fall to plug the hole of UK’s international debt

Others Also Read