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Commodity News |
HeadLine : |
Copper rises on U.S. stimulus hopes, supply worries |
Date : |
Mar 25 2020 |
Copper prices rose on Wednesday on concerns about supply due to coronavirus-driven lockdowns in mining countries and as U.S. lawmakers appeared closer to passing a $2 trillion stimulus package. Gains, however, were capped by demand worries as more countries in Asia and Europe imposed self-isolation to arrest the spread of the virus. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 1.7% to 38,800 yuan ($5,504.72) a tonne and three-month copper on the London Metal Exchange (LME) advanced 0.1% to $4,818.50 a tonne. Democrats and Republicans in the divided U.S. Congress said they were close to the stimulus package deal, while rising lock downs and transport restrictions in mining countries fed fears of supply disruptionCharges for processing copper concentrate in China have fallen for the first time since December, as the pandemic hit operations at overseas mines and leave smelters uncertain over future supply.
Source : reuters
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