Copper Slips On Virus Surge Weak Dollar Limits Losses
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Finance Minister Rodrigo Cerda told lawmakers during a presentation of the government's quarterly public finance report that Chile expects the copper price to average $3.99 per pound in 2021, a big increase over its January prediction of $3.35. Codelco CEO Octavio Araneda said the company would nonetheless proceed with caution, remaining focused on its 10-year, $40 billion initiative to upgrade its aging mines, which have suffered in recent years from falling ore grades. SANTIAGO, April 30 (Reuters) - The world's top copper producer Codelco said on Friday profits skyrocketed in the first quarter, boosted by a dramatic spike in the global price of the red metal, though the state-run miner said it would remain focused on its long-term goals despite the windfall.
Chile's copper output has continued without much disruption during much of the pandemic as most of its large mining companies adjusted early, stepping up sanitary measures and working with limited staff. HANOI, May 7 (Reuters) - London copper prices hit a record high on Friday as tight supply outlook and hopes for TRANH ĐỒNG PHONG THỦY strong demand amid the global economic recovery and from the new energy sectors boosted sentiment.
Improved availability is starting to feed through into China's imports of mined concentrates. These fell by 1% last year even as the country's smelting capacity grew but volumes jumped by 7.5% over the first quarter of 2020. Indeed, March's tally of 2.17 million tonnes was a monthly record. There is a broad analyst consensus that last year's imports were boosted by one-off government stockpiling.
Estimates of how much vary from half a million to a million tonnes but no-one knows for sure apart from the secretive state entities in charge of the country's strategic reserves. * ShFE aluminium climbed as much as 3.4% to 19,945 yuan a tonne, its highest since January 2010, with traders attributing the price rise to the strong momentum in copper and supply worries as China-Australia spat deepens. Japan's government is considering a state of emergency for Tokyo and Osaka as new COVID-19 case numbers surged, while India has been hit by another wave of infections that has overwhelmed hospitals in major cities.
Vedanta did not immediately respond to a request seeking comment. The company has consistently denied allegations of pollution, and has appealed to the country's Supreme Court, seeking to reopen the plant. Copper usage outside of China collapsed by 9% last year with pandemic lockdowns having "a notable negative impact on the world economy and subsequently on key copper end-use sectors in all regions," the ICSG said in its latest twice-yearly assessment of the market.
"It was decided in an all party meeting that Vedanta be allowed to operate the oxygen plant for a temporary period of four months," the Tamil Nadu government said in a statement, adding that production of copper would not be permitted. India's new coronavirus infections hit a record peak for a fifth day on Monday, with overcrowded hospitals in Delhi and elsewhere turning away patients after running out of supplies of medical oxygen and beds. Beside the profit windfall, TRANH ĐỒNG PHONG THỦY Codelco also increased production over the same period the previous year by 7%, TRANH ĐỒNG PHONG THỦY, to 386,000 tonnes, even as health authorities in Chile ratcheted up restrictions on movement and commerce to slow a rise in coronavirus infections.
April 21 (Reuters) - Copper fell on Wednesday following concerns that a resurgence of COVID-19 infections in some major economies, such as India and Japan, will slow global economic recovery and dampen metals demand, although a weak U.
