Home

Metal News

Scraps & Secondary

Copper Jumps in Shanghai on Optimism Over Consumption

[Minor metal] Forecast of Domestic Cobalt Market Next Week

BEIJING, Apr. 10 -- Copper advanced in Shanghai on optimism Chinese government stimulus spending will boost demand from the power industry in the world's largest user of the metal.
&nbsp;&nbsp;&nbsp; According to Macquarie Securities Ltd China's economic growth will be as much as 8% this year 1 percentage point more than its previous forecast. The government's&nbsp;RMB 4 trillion stimulus plans has driven investment back to levels before the global economic crisis, fuelled rebounds in electricity and steel output, and restored consumer confidence.
&nbsp;&nbsp;&nbsp; Li Ling, Minmetals Star Futures Co analyst, said "Investors have been adding to their long positions lately with a view that demand seems strong in the short term. He said that. Copper for spot delivery in Shanghai was quoted at a premium of RMB 900 a ton above the near-term April contract on the Shanghai Futures Exchange".
&nbsp;&nbsp;&nbsp; The most actively traded July delivery copper contract in Shanghai rallied as much as 3.6% to RMB 36,580/mt and traded at&nbsp;RMB 36,270/mt.
&nbsp;&nbsp;&nbsp; Customs data showed that copper, the best performer on the London Metal Exchange, climbed 43% this year on speculation the worst of the global recession has passed. China's imports of the metal jumped 71% to 451,438&nbsp;mt in the first two months from a year ago.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
&nbsp;

[Al] CBI Daily Review - 2009/4/10 Aluminum Market

Copper Jumps in Shanghai on Optimism Over Consumption_SMM | Shanghai Nonferrous Metals

Exclusive: China's base metals output in May

China copper scrap imports to fall between end-July and early August

SMM China Cobalt-Lithium & New Energy Weekly: Keeping track of the cobalt-lithium and new energy industry chain

SMM China Downstream Sectors PMI Monthly—Keeping track of the nonferrous metals market

Exclusive: China's base metals output in June