(Prices of updates)
SINGAPORE, Dec. 25 (Reuters) – Copper prices rose in Shanghai for a second session on Friday, backed by expectations for a stronger global economic recovery and higher consumer demand in China.
Sterling rose on Thursday as Britain and the European Union seized on a Brexit deal that avoided British disorderly conduct from one of the world’s largest trading blocs, while a global stockpile of investment hopes rise above next year ‘s economic growth.
COPPER: The most traded copper contract on the Shanghai Futures Exchange ended up 0.7% to 58,560 Yuan ($ 8,978.29) per ton. London standard copper on the London Metal Exchange climbed to a record high of 2013 at $ 8,028 per tonne last week.
WEEKLY MOVEMENT: Still, China’s copper market closed down this week for the first time in nearly two months.
DEMAND: Metals have accumulated this year, backed by Chinese demand, government stimulus to reduce the pandemic impact of COVID-19 and a wave of speculative buying.
PACT: Britain released the final details of a narrow agreement with the EU just seven days before it launches the trade bloc, strengthening market sentiment.
SMELTING RESULTS: China’s copper smelter on Thursday lowered floor treatment and refurbishment costs (TC / RCs) by 8.6% quarterly for the first quarter of 2021, according to two sources familiar with the matter.
RESULTS: Australian-based miner MMG Ltd said on Thursday that transport was temporarily disrupted by roadblocks by residents near the Peruvian Las Mambas copper mine, prompting a majeure force to be named on some supply contracts.
PREMIUM: The price for aluminum shipments to Japanese buyers for January to March was set at $ 130 per tonne, up 48% from this quarter, as demand recovered from the pandemic downturn, six sources said the directly involved in price negotiations.
KEY
Copper LME three months
ShFE copper most active
Aluminum LME three months
Most functional ShFE aluminum
LME zinc three months
Most active ShFE zinc
Three-month LME guidance
Most active ShFE guidelines
Nickel LME three months
Nickel ShFE is most active
LME tin three months
Most active ShFE tin
ARBS ($ 1 = 6.5224 Chinese Yuan) (Reporting by Naveen Thukral; Editing by William Mallard & Shri Navaratnam)