Copper prices moved down on demand concerns in major economies
although China Jinchuan Group declared Force Majeure at the Copper
plant. After Freeport Closure, Jinchuan becomes the second plant that
has declared stoppage. China's Jinchuan Group said that it is due to equipment failure and is likely to reduce Copper supply by 50% in the next few months. The country's third-largest copper producer by output has sent out a notice to its buyers, notifying them of the possible supply disruption.
The force majeure would translate into a short-term supply disruption of 20,000 tons a month in the domestic market, given that Jinchuan typically contributes 40,000 to 50,000 tons of refined copper a month, industry participants said.
Meanwhile, Copper prices remained moving down on the concerns that demand will remain under pressure both in China and other major consumers like Europe and US. LME Copper was trading at $ 7355 per tonne, down $ 105 per tonne. Copper inventories were down by 1925 tonnes to 610375 tonnes.
Indian Copper was trading at Rs 419 per kg, down 1.3 percent. The metal has tested a opening high of Rs 423.7 per kg and a low of Rs 418.5 per kg when last checked.
LME Nickel prices were seen extending their losses on the back of heightened profit booking after a rise that took prices to a fortnightly high. LME Nickel was seen at $ 15033 per tonne, down from $ 15335 per tonne. Nickel has been one of the metals that has suffered losses of 28.5 percent this year.
Source by Commodity Insights
No comments:
Post a Comment