Shanghai copper set for monthly gain on US spending plans, Chile strike
- Trading, however, was tepid as the London Metal Exchange was closed for a public holiday.
HANOI: Shanghai copper prices rose on Monday, poised for a second consecutive monthly gain, as traders expect supply threat in Chile and massive US spending plans on infrastructure to fuel shortages.
Copper is often considered a bellwether of the global economy due to its wide industrial usage, including in infrastructure projects. The most-traded July copper contract on the Shanghai Futures Exchange rose 0.6% to 73,790 yuan ($11,599.47) a tonne by 0420 GMT, up 2.2% on a monthly basis.
A strike by a union of remote operations workers at BHP's Escondida and Spence copper mines in Chile entered its second day on Friday, as the company uses replacement workers to ensure continued production.
The White House proposed a $6 trillion budget plan to ramp up spending on several sectors including infrastructure that raised concerns of shortage in global metals.
ShFE nickel advanced 1.4% to 132,430 yuan a tonne, tin climbed 1.6% to 208,620 yuan a tonne, aluminium increased 0.4% to 18,795 yuan a tonne while zinc dipped 0.1% to 22,875 yuan a tonne.
Trading, however, was tepid as the London Metal Exchange was closed for a public holiday.
Comments
Comments are closed for this article.