Codelco’s Copper Output Down 3% YoY in the First 9 Months

Global economy is recovering, and the US liquidity contraction is expected to strengthen. When the US dollar, measured by the constant value, appreciates, the absolute price of copper fell (relative concept); the depreciation of the non-US currency suppressed purchase demand and also suppressed demand. The appreciation of the US dollar improves the production enthusiasm of non-US copper-producing regions. As copper is priced in US dollar, the appreciation of the US dollar will lower the production costs. Most of the copper-producing areas are in South America and Southeast Asia.

This is a news roundup for overseas copper markets last week.

Chile's state-owned Codelco, the world's largest copper producer, said on September 15 that it had reached an agreement on a labour contract with a union representing workers in the Salvador branch in northern Chile.

This is copper news roundup for last week.

SHFE nonferrous metals rose for the most part on Monday January 25. Copper edged up 0.07%, zinc added 0.74%, lead jumped 2.91%, nickel advanced 0.88% and tin surged 4.09%, while aluminium shed 0.17%.

LME base metals rose across the board on Monday morning, while their counterparts on the SHFE set for a mixed start.  

Nonferrous metals on the SHFE rose for the most part on Thursday morning, holding onto overnight gains, while their counterparts on the LME cruised lower mostly.

SHFE nonferrous metals closed mixed on Monday November 7. Investor sentiment improved last week around coronavirus vaccine rollouts and U.S. stimulus hopes, which fueled a record-setting session Friday on Wall Street.

The rebound in copper prices was attributable to the recovery of demand and supply trends in China since Q2, said Rio Tinto's Laure Baratgin.

In order to achieve a sustainable future, mining giant BHP urges for greater transparency in the pricing mechanisms in the copper market.