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Metals: copper records its first weekly increase in six weeks

16/08/2024
Source : ORISHAS-FINANCE
Categories: Raw materials

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On Friday, copper prices recorded their first weekly increase in six weeks. These prices are driven by concerns about mine supplies and by encouraging U.S. data that have allayed fears of an impending recession in the world's largest economy

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Three-month copper on the London Metal Exchange fell 0.1% to $9,139 per metric ton at 01:54 GMT, but hovered around a two-week high reached in the previous session. The most traded copper contract in September on the Shanghai Futures Exchange rose 1.8% to 73,660 yuan ($10,262.77) per ton. The contract climbed to 73,980 yuan earlier in the session, the highest level since August 5. On a weekly basis, LME copper rose 3.1% after five weeks of losses, while SHFE copper is also expected to record its first weekly gain in six weeks. Non-ferrous metals are used in a wide range of industries

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Elsewhere, LME aluminum increased by 0.1% to $2,366.50 per ton, nickel rose by 0.1% to $16,340, tin rose 0.4% to $32,100, while zinc fell by 0.3% to $32,100, while zinc fell by 0.3% to $2,775 per ton, and lead fell by 0.2% to $2,030.50. SHFE aluminum rose 1.1% to 19,320 yuan per ton, nickel rose 0.2% to 129,000 yuan, zinc rose 2% to 23,320 yuan, lead rose 1.2% to 17,700 yuan, and tin jumped 2.8% to 263,810 yuan

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