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The increase in copper prices during the LME period was affected by the risk of supply disruptions

 Last Update: 2022-12-20
 Source: Internet
 Author: User

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LME copper prices rose on Friday, as expectations of strong Chinese demand and the risk of supply disruptions overweighed concerns
that rising coronavirus in Europe could affect the momentum of the global economic recovery.

Copper period

At 0703 GMT, the London Metal Exchange (LME) rose 0.
3% to $6,769 a tonne, extending gains into the third day
.
Copper for November, the main contract on the Shanghai Futures Exchange, closed up 0.
5 percent at 51,470 yuan ($7,660.
82)
a tonne.
Other LME base metals were also higher
.

In a report, ANZ's team of commodity strategists looks set to shine despite the economic gloom, with ample Chinese fiscal measures providing a much-needed boost to the sector, while supply-side issues are tightening the market
.

They added that copper has benefited the most from the
disruption of mining activities in Chile and Peru.
The resurgence of coronavirus cases remains a major risk on the supply side, while the risk of strikes again in Chile is another resistance
to a supply recovery.

Chile's state-run copper company (Codelco) said it was working at full capacity to meet its 2020 output target
.

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