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Copper prices peak on supply woes
Copper prices in Shanghai were propelled a fourth day in a row on Monday to its peak in 10 weeks, riding on fears of a possible lack of supply to meet mounting demands in the world's largest consumer of metal, China.
Nine Chinese copper smelters, which contribute to 68% of the nation's output, may decrease their production by 10% to 15% as they are unable to cover the cost of buying and processing imported raw materials. The custom officials revealed that the amount of refined copper and alloy imported to China dropped 6.8% last month from May.
Head of research with China International Futures (Shanghai) Co, Cai Luoyi, told Bloomberg News that summer is usually a slow season for copper consumption, but a series of upbeat news on the demand and supply side has helped to drive up copper prices.
According to Shanghai Daily, copper for September delivery on the Shanghai Futures Exchange jumped as much as RMB 1,720 yesterday, whilst in the London Metal Exchange, copper for delivery in three months was up by as much as US$71.
Editor:admin Date:2007-07-25
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