Copper prices hit 10-year high due to supply concerns
Steel

Copper prices hit 10-year high due to supply concerns

Copper prices have hit a 10-year high, as concerns about supplies from Chile, sliding inventories, a lower dollar and expectations of stronger demand from top consumer China triggered fresh purchases.

The most-traded June copper contract on the Shanghai Futures Exchange jumped as much as 3.5% to $11,230.38 a tonne, a level unseen since February 2011. It closed up 3% at $11,230.38 a tonne.

Three-month copper on the London Metal Exchange hit $9,965 a tonne, its highest since March 2011, before retreating to $9,921 a tonne by 0705 GMT, still up 1.7%.

Copper is often used as a gauge for global economic health and is used in electric vehicles and renewable energy productions. Mining unions and port workers in Chile have threatened protests over pension savings withdrawal issues.

Copper prices are being supported by strike threats in Chile, though high prices are deterring downstream physical markets from buying, ING analysts said in a note.

Yangshan copper premium came down to $46.50 a tonne, its lowest since November, indicating weakening demand from top consumer China.

One party controls 80%-90% of available copper stocks and short-term futures on the LME, exchange data showed. Spot copper treatment charges (TCS) in China increased for the first time since August, up to $2 at $32.50 a tonne as of April 25, Asian Metal data stated.

Image Source


Also Read: Stainless steel's use in infra will sustain demand

Also Read: Government considers making scrap recycling, organised sector

Copper prices have hit a 10-year high, as concerns about supplies from Chile, sliding inventories, a lower dollar and expectations of stronger demand from top consumer China triggered fresh purchases. The most-traded June copper contract on the Shanghai Futures Exchange jumped as much as 3.5% to $11,230.38 a tonne, a level unseen since February 2011. It closed up 3% at $11,230.38 a tonne. Three-month copper on the London Metal Exchange hit $9,965 a tonne, its highest since March 2011, before retreating to $9,921 a tonne by 0705 GMT, still up 1.7%. Copper is often used as a gauge for global economic health and is used in electric vehicles and renewable energy productions. Mining unions and port workers in Chile have threatened protests over pension savings withdrawal issues. Copper prices are being supported by strike threats in Chile, though high prices are deterring downstream physical markets from buying, ING analysts said in a note. Yangshan copper premium came down to $46.50 a tonne, its lowest since November, indicating weakening demand from top consumer China. One party controls 80%-90% of available copper stocks and short-term futures on the LME, exchange data showed. Spot copper treatment charges (TCS) in China increased for the first time since August, up to $2 at $32.50 a tonne as of April 25, Asian Metal data stated. Image Source Also Read: Stainless steel's use in infra will sustain demand Also Read: Government considers making scrap recycling, organised sector

Next Story
Infrastructure Transport

New Expressway to Cut Pune-Bengaluru Travel Time by Half

The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka’s Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..

Next Story
Infrastructure Transport

Nagpur’s Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic

To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..

Next Story
Infrastructure Transport

Avinashi Flyover: Huge Iron Span to be Placed Over Railway Overbridge

A senior official from the Special Project Wing explained that a concrete deck of such length was not practical across active railway lines. Therefore, the department had decided to opt for a specially fabricated iron span.With the span now ready, its installation is awaiting railway clearance. The Salem Division of Southern Railway has already given its approval, while the final clearance is still pending from the Southern Railway headquarters in Chennai. For the installation process, railway operations under the ROB will need to be suspended for at least five days.The official also mentioned..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?