-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
On March 10, London Metal Exchange (LME) copper futures rebounded on Tuesday from a more than three-year low reached last day as new confirmed cases of new coronavirus infections in China fell and countries around the world prepared for economic stimulus measures
.
At 17:00 London time on March 10 (01:00 Beijing time on March 11), three-month LME copper rose 0.
6% to settle at $
5,566 a tonne.
It fell to $5,433 on Monday, the lowest level
in more than three years.
Other industrial metals, crude oil and stock markets also rebounded, with countries such as the United States and Japan announcing plans to tackle the pandemic and measures to support economic growth
.
Chinese President Xi Jinping's arrival in Wuhan to inspect the coronavirus prevention and control efforts in Hubei and Wuhan, as well as the sharp drop in new cases in China over the past week, also contributed to improved market sentiment
.
Timothy Wood-Dow, a London-based analyst at BMO Capital, said: "We are more confident that [prices] have bottomed out, but it will depend on whether there will be a second wave in China, or whether the number of infected people in the Western world will increase significantly," "China seems to be preparing for a massive stimulus package
.
" The stimulus will take the form of infrastructure investment, which will generate significant demand for base metals and will have a substantial impact
on the economy later this year.
China's stimulus package is expected to reach 6-8 trillion yuan, equivalent to about
8% of GDP, in major metal consumers.
Business and tourism activity is steadily recovering, but the rapidly rising number of infections worldwide will pose a challenge
to China's broader economic recovery.
Codelco, the world's largest copper miner, saw copper production in January down 6.
8 percent from a year earlier, and BHP Billiton's Escondida copper mine saw output rise 10 percent
.
Business travel and tourism activity in China is steadily recovering, but a rapid rise in global infections will pose a challenge
to China's broader economic recovery.
According to data released by the US Department of Commerce a few days ago, the United States imported 61,371,210 kilograms of copper cathode in January, down from 61,422,308 kilograms
in December last year.
Copper cathode exports were 10,371,181 kg in January, up from 8,729,610 kg
in December.
