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Business & Finance

Shanghai copper up for 2nd day on expectations of firming economic recovery

  • Sterling rose on Thursday as Britain and the European Union clinched a Brexit deal that avoided a chaotic British exit from one of the world's biggest trading blocs.
26 Dec 2020

SINGAPORE: Copper prices in Shanghai rose for a second session on Friday, underpinned by expectations of a strengthening global economic recovery and higher demand in top consumer China.

Sterling rose on Thursday as Britain and the European Union clinched a Brexit deal that avoided a chaotic British exit from one of the world's biggest trading blocs, while a global gauge of stocks edged higher on investor optimism about economic growth next year.

COPPER: The most-traded copper contract on the Shanghai Futures Exchange finished up 0.7pc to 58,560 yuan ($8,978.29) a tonne.

The benchmark London copper on the London Metal Exchange climbed to its highest since 2013 at $8,028 a tonne last week.

WEEKLY MOVE: Still, China's copper market closed down this week for the first time in nearly two months.

DEMAND: Metals have rallied this year, supported by Chinese demand, government stimulus to reduce the impact of the COVID-19 pandemic and a wave of speculative buying.

PACT: Britain hammered out the final details of a narrow agreement with the EU just seven days before it exits the trading bloc, boosting market sentiment.

SMELTING CHARGES: China's copper smelter group on Thursday lowered its floor treatment and refining charges (TC/RCs) by 8.6pc quarter-on-quarter for the first quarter of 2021, according to two sources with knowledge of the matter.

DISRUPTIONS: Australia-based miner MMG Ltd said on Thursday that transport had been temporarily disrupted due to roadblocks by residents near its Las Bambas copper mine in Peru, forcing it to declare force majeure on some supply contracts.

PREMIUM: The premium for aluminium shipments to Japanese buyers for January to March was set at $130 a tonne, up 48pc from this quarter, as demand recovered from the pandemic-induced slump, six sources directly involved in pricing talks said.