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Metals: drop in copper

28/02/2024
Source : ORISHAS FINANCE
Categories: Raw materials

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This Wednesday copper recorded a slight decrease. Demand concerns resulting from an increase in stocks in Chinese warehouses and the

strong dollar weighed on prices.

The most traded April copper contract on the Shanghai Futures Exchange (SHFE) fell by 0.1% to 68,760 yuan (9,551.33 dollars) per ton. Three-month copper on the London Metal Exchange (LME) fell by 0.2% to 8,459 dollars per metric ton at 0701 GMT. The drop in copper prices was limited by the interruption of supply to mines and by the hope of a recovery in demand later in the quarter. Copper stocks in SHFE warehouses

< CU-STX-SGH> more than doubled in just over two weeks to 181,323 tonnes on Friday, the highest level since March last year, suggesting that Chinese demand has not made a strong recovery since the Lunar New Year vacation.

The LME spot zinc contract was traded at a steep discount to the three-month contract, at $46.70 on Tuesday, the largest discount since at least 2009 as stocks increased in LME warehouses. < CMZN0-3>

SHFE aluminum fell slightly by 0.3% to 18,790 yuan per ton, zinc fell by 0.4% to 20,540 yuan, lead remained almost stable at 15,945 yuan, lead remained almost stable at 15,945 yuan, while nickel rose by 0.8% to 134,290 yuan per ton, and tin rose 0.2% to 216,070 yuan. LME aluminum fell 0.2% to $2,187 per ton, nickel fell 1% to $17,290, zinc fell 0.7% to $2,404, lead fell 0.3% to $2,084, and tin lost 0.7% to $26,165

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