Lots of copper news today Prices are rising, despite a (small) China sell-off
Copper rose to a record in London, heading for its seventh week of gains, on signs global economic growth is boosting demand, outpacing supplies from mining companies and scrapyards.
Construction spending in the U.S., the world’s No. 2 copper consumer, rose for a fourth straight month in October, while manufacturing growth last month in the 12 nations using the euro was the fastest in more than a year, government and industry reports showed yesterday. Copper demand outpaced global production by 114,000 tons in the first eight months of this year, the Lisbon-based International Copper Study Group said.
Copper rises after China sells reserves at high price
Copper prices rose again on Wednesday after China sold reserves of the metal at a higher price than some traders had estimated, signaling continued strong demand.
In Beijing, the State Reserve Bureau auctioned 14,000 tons of copper on Wednesday at $4,601 to $4,743 per ton.
“People in the Shanghai market were surprised” by the auction prices, said Edward Meir, a commodity analyst. Copper is gaining because of some shortages and good demand, he added.
And something to look forward to:
China To Auction Another 20,000 Tons Of Copper On Dec 7
SRB sold 20,000 tons at the first auction on November 16, and nearly 13,500 tons in the second auction on November 23. In the third auction on November 30 […] it sold 13,834 tons.