Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

LME COPPER CASH

SummaryChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Copper set for best month since late 2016 on tight supply, demand hopes

02/26/2021 | 12:53am EDT

HANOI, Feb 26 (Reuters) - Copper fell on Friday as a week-long rally in base metals ran out of steam, but the metal was on track for its best month since November 2016 on low inventories and bright demand outlook.

Three-month copper on the London Metal Exchange shed 2% to $9,226 a tonne by 0705 GMT, but was up 17.5% so far in February.

On Thursday, LME copper hit its highest since August 2011 of $9,617 a tonne, 5.6% below its record high of $10,190 marked in February 2011.

The most-traded April copper contract on the Shanghai Futures Exchange closed down 2.1% at 67,950 yuan ($10,507.68) a tonne, but marked its best month since November 2016.

"Investor sentiment towards base metals - particularly towards green transition metals such as copper, nickel and lithium - remains very positive for now, which is likely to push prices even higher in the near term," Fitch Solutions said in a note.

"However, we believe that base metal prices will soon peak and ease later in the year. The current rally in prices is being driven by overly bullish sentiment towards the COVID-19 demand recovery and decarbonisation trends, and we believe a more nuanced fundamental picture will emerge in the coming quarters."

Shanghai aluminium bucked the trend, rising 1.4% to close at its highest since September 2011 at 17,465 yuan a tonne, on solid demand and fears of supply disruptions from China's Inner Mongolia region, traders said.

FUNDAMENTALS

* Peru's Southern Copper Corp plans to push forward new and pending projects as demand from China and constrained supply generally help propel a global price rally, an executive said.

* LME aluminium fell 1% to $2,213 a tonne, zinc declined 1.4% to $2,849 a tonne and tin dropped 3.1% to $256,005 a tonne.

* ShFE nickel shed 3.2% to 140,490 yuan a tonne and ShFE tin tumbled 4.5% to 184,400 yuan a tonne.

* For the top stories in metals and other news, click or

($1 = 6.4667 yuan) (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips, Rashmi Aich and Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SOUTHERN COPPER CORPORATION 0.02% 63.08 Delayed Quote.-3.13%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.10% 6.479 Delayed Quote.-0.34%
All news about LME COPPER CASH
07/23Comex Copper Ends the Week 1.71% Higher at $4.4065 -- Data Talk
DJ
07/22Rio Tinto Faces Labor Strike at Kitimat, Kemano Operations
DJ
07/22Comex Copper Settles 1.53% Higher at $4.3480 -- Data Talk
DJ
07/22Gold Miners Saw Profits Rise in 2Q as Operations Ramped Up, Gold Prices Rose ..
DJ
07/22Rio Tinto Steps Up Study of Possible Underground Mining at Kennecott Copper -..
DJ
07/22Greatland Gold Says Drilling Continues to Support Resource Expansion at Havie..
DJ
07/21BHP Inks Nickel Supply Deal With Tesla
DJ
07/21New Zealand Power Companies Propose Large Hydrogen Export Investment
DJ
07/21Comex Copper Settles 0.21% Higher at $4.2825 -- Data Talk
DJ
07/21RIO TINTO : Richards Bay Minerals to Shut a Furnace as Stockpiles Depleted
DJ
More news
Chart LME COPPER CASH
Duration : Period :
LME Copper Cash Technical Analysis Chart | MarketScreener
Full-screen chart