Shanghai copper gains as smelting activities drop
- The London Metal Exchange is closed for a holiday.
HANOI: Shanghai copper prices edged up on Friday, after data showed a fall in smelting activities globally due to a shortage of feedstock material.
The most-traded May copper contract on the Shanghai Futures Exchange rose 1% to 66,160 yuan ($10,076.46) a tonne and on track for a weekly increase.
The London Metal Exchange is closed for a holiday.
Global copper smelting slipped to the lowest levels in at least five years in March, especially in top refined copper producer China, amid supply shortages, data from satellite surveillance of copper plants showed.
The supply squeeze in concentrates partially outweighed signs of weaker-than-expected demand for refined copper in China, the world's biggest consumer, as it enters a traditionally strong demand season in the second quarter.
Yangshan copper premium fell to $57 a tonne, its lowest since Nov. 30, indicating weakening demand for imported copper into China.
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