HANOI, April 2 (Reuters) - Shanghai copper prices rose on
Friday on concern over limited supplies of refined copper after
data showed a fall in global smelting activity owing to a
shortage of feedstock.
The most-traded May copper contract on the Shanghai Futures
Exchange closed 2.4% up at 67,090 yuan ($10,227.91) a
tonne for a 0.9% weekly gain.
The London Metal Exchange (LME) is closed for a public
holiday and both exchanges will be shut on Monday.
Global copper smelting slipped to its lowest levels in at
least five years in March, especially in top refined copper
producer China, data from satellite surveillance of copper
A supply squeeze in concentrates partially outweighed signs
of weaker than expected demand for refined copper in China, the
world's biggest consumer, as it enters a traditionally strong
demand season in the second quarter.
The Yangshan copper premium <SMM-CUYP-CN> fell to $57 a
tonne, its lowest since Nov. 30, indicating weakening demand for
imported copper in China.
"We temporarily maintain the long-term bullish judgment of
copper prices, but if destocking in the second quarter is less
than expected the increase in copper prices may be weaker than
previously expected," Huatai Futures said in a note.
ShFE copper inventories <CU-STX-SGH> climbed to their
highest since May 2020 at 197,628 tonnes.
* ShFE aluminium rose 1.4% to 17,515 yuan a tonne,
nickel advanced 1.9% to 123,470 yuan, lead
declined 1.9% to 15,015 yuan and tin jumped 3.9% to
* Japan's second-largest copper smelter, Sumitomo Metal
Mining Co, expects its refined copper output in the
2021/22 financial year to drop by 5% to 421,000 tonnes because
of maintenance at its Toyo smelter and refinery.
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($1 = 6.5595 yuan)
(Reporting by Mai Nguyen
Editing by Uttaresh.V and David Goodman)