SINGAPORE, Dec. 25 (Reuters) – Copper prices in Shanghai rose for a second session on Friday, backed by expectations of a global economic recovery and higher consumer demand in China.
PROPERTY
* The most traded copper contract on the Shanghai Futures Exchange added 0.2% to 58,320 Yuan ($ 8,934) per ton as 0202 GMT. The benchmark copper on the London Metal Exchange climbed to its highest level since 2013 at $ 8,028 per tonne last week.
* Metals have accumulated this year, backed by Chinese demand, the government’s encouragement to reduce the impact of the COVID-19 pandemic and a wave of speculative buying.
* Britain released the latest details of a narrow agreement with the EU just seven days before it unveils the trade bloc, strengthening market sentiment.
* China’s copper smelter group on Thursday downgraded its floor handling and refurbishment costs (TC / RCs) by 8.6% quarter-on-quarter for the first quarter of 2021, according to two sources familiar with the matter.
* Australian-based miner MMG Ltd said on Thursday that transport was temporarily disrupted by roadblocks with residents near the Las Bambas copper mine in Peru, forcing a majeure force named some supply contracts.
* 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 involved said directly in price negotiations.
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MARKET NEWS
* The British pound rose on Thursday as Britain and the European Union signed a free trade deal, while global stock volumes soared amid investment hopes for economic growth.
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 = 6.5281 Chinese Yuan) (Reporting by Naveen Thukral; Editing by William Mallard)