Copper Marches Towards 10-year High On Weaker Dollar Supply Concerns
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Chilean state Copper Commission Cochilco reported that Codelco's production rose 0.7% this March compared to the same month the previous year to 148,700 tonnes, while Collahuasi - a joint venture by Glencore and BÁO GIÁ TRANH ĐỒNG Anglo American - posted a 5.2% year-on-year uptick in its production, to 53,000 tonnes. * ShFE nickel rose 2.6% to 123,150 yuan a tonne and ShFE zinc advanced 2.3% to 21,880 yuan a tonne, rising alongside record high steel prices on robust demand and concerns over production curbs in China.
* LME aluminium rose 0.3% to $2,424.50 a tonne, lead gained 0.3% to $2,122.50/tonne, nickel advanced 1.6% to $17,525/tonne, and tin added 0.9% to $28,735/tonne, but zinc dropped 0.7% to $2,899.50/tonne. SANTIAGO, May 4 (Reuters) - Copper production at most of Chile's mines was mixed in March because of strong output from state-miner Codelco and Collahuasi but a continued downturn in production at BHP's Escondida. "We are in for a good run higher as we are having supply issues.
Chilean port workers threatening to strike, which is a short-term issue, but will cause some trouble for shipments into China in an already tight concentrate market," said commodities broker Anna Stablum of Marex Spectron. Three-month copper on the London Metal Exchange was down 0.1% at $9,873.50 a tonne, as of 0721 GMT, retreating after a five-session rally. It rose to as high as $10,008 on Thursday, hovering close to a record $10,190 hit in February 2011.
PHYSICAL: TRANH ĐỒNG CAO CẤP ĐỒNG PHONG THỦY The Yangshan copper premium fell to $46.50 a tonne, its lowest since Nov. 17, BÁO GIÁ TRANH ĐỒNG indicating weakening demand from China, which accounts for about half of global demand estimated at around 24 million tonnes this year. "We're in uncharted territory right now and the market is a bit frothy. The industrial players are in panic mode since there's not much supply," said Gianclaudio Torlizzi, partner at Milan consultancy T-Commodity. HANOI, April 26 (Reuters) - Shanghai copper prices hit their highest in over 10 years while the London contract jumped to near a decade high on Monday as supply concerns and a weaker dollar boosted prices.
Copper prices have also been propelled by forecasts of surging demand spurred by a green revolution of electric vehicles and renewable energy that will require more of a metal that is a strong conductor of electricity. China, the world's biggest consumer of industrial metals, unleashed stimulus and infrastructure spending last year to promote economic recovery from the pandemic, leading to a record-breaking 38% surge in copper imports.
"Chilean port workers called a strike over pension-related issues. They are being supported by the mining unions. There is no indication of supply disruptions, but copper prices have rallied," said Julius Baer analyst Carsten Menke. The dollar edged lower amid speculation that U.
