Thursday 28 Mar 2024
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SINGAPORE (Jan 25): Copper hovered around the strongest level in more than seven months as supply risks mount in South America and optimism grows over a recovery in demand from top consumer China.

Chile’s Codelco produced 10% less copper than planned in 2022 due to setbacks at mines and projects. In Peru, MMG’s Las Bambas copper complex is also mining at a reduced rate because of blockade-related challenges. While the blockades predate current political protests, the complex has had to contend “with intermittent disruptions to logistics due to the recent unrest”, MMG said.

Mines globally continue to grapple with logistical challenges exposed by the pandemic and exacerbated by Russia’s invasion of Ukraine at a time when demand is expected to recover after China’s pullback from Covid Zero policies.

Copper edged lower to US$9,284 (RM39,545) a ton on the London Metal Exchange as of 10.10am local time. Aluminium slipped 0.8%, while nickel was steady. Iron ore futures were little changed at US$125.40 a ton in Singapore, while China’s markets remained closed for Lunar New Year holidays.

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