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According to news, London Metal Exchange (LME) copper futures stabilized at a nearly four-year low on Friday, as supply disruptions caused by mine shutdowns and shipment disruptions began to offset the huge impact
of the new crown epidemic on demand.
At 17:00 London time on March 27, 01:00 Beijing time on March 28, LME three-month copper fell 0.
3% to $4,790.
5 a tonne, essentially flat
for the week.
Last week, copper fell 11 percent, its biggest weekly drop since 2011, hitting $4,371, the lowest level
since January 2016.
So far in 2020, copper prices have fallen by more than 20%.
South Africa closed its ports on Thursday, disrupting shipments from countries that produce one-tenth of the world's copper, and Glencore became the latest of many companies to suspend or slow mining operations
.
"Supply shocks are underestimated or not fully priced in the market," said
Julius Baer analyst Carsten Menke.
He said copper demand may also begin to rebound as China lifts measures to control the epidemic, and prices should rise
in the next three times.
China consumes half
of the world's copper.
The greenback posted its biggest weekly drop in more than a decade, easing pressure on base metals, which analysts said earlier this week would push copper oversupply by up to 1 million tonnes
this year as the pandemic disrupted manufacturing.
Copper, aluminum, zinc and lead inventories in SHFE-monitored warehouses fell as lead inventories fell to their lowest level since December 2018 Chile's National Copper Company (Codelco) reported on Friday that a 5.
3% drop in copper production in 2019 drove a sharp drop in profits as it continued to be affected
by rising costs and lower ore grades.
