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
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?