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Markets

Copper rises; ShFE zinc at 13-1/2-year high on supply concerns

  • Meanwhile, Yangshan copper premium climbed $1.50 to $38.50 a tonne on Monday, rising for the first time since February and signalling early signs of improved demand for imported metal into China.
18 May 2021

HANOI: Copper prices rose on Tuesday, as a weaker US dollar made the greenback-priced metals cheaper and more attractive to holders of other currencies, while zinc prices in Shanghai climbed to their highest in more than 13 years on supply concerns in China.

Three-month copper on the London Metal Exchange was up 1.2% at $10,497 a tonne by 0704 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange closed up 1.9% at 76,100 yuan ($11,842.51) a tonne.

"(It's) just the overall US dollar weakness," said a Singapore-based metals trader.

The dollar was under pressure on expectations that US interest rates will remain low for an extended period, after Dallas Federal Reserve President Robert Kaplan said he does not expect rates to rise until next year.

Meanwhile, Yangshan copper premium climbed $1.50 to $38.50 a tonne on Monday, rising for the first time since February and signalling early signs of improved demand for imported metal into China.

ShFE zinc jumped as much as 6.1% to its highest since November 2007 at 23,535 yuan a tonne and LME zinc rose as much as 3.1% to $3,108.50 a tonne, its strongest peak since June 2018.

"It's rumoured that some Yunnan-based zinc smelters will cut production due to the shortage of power," said a China-based analyst.

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