Copper MCX Price Target 408—413 – Any Big Panic Buy And Sleep – Neal Bhai
Shanghai copper prices rose to a near four-week high on Monday as supply worries rose following a fall in inventories and suspension of operations in major producer nations.
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) climbed as much as 1.9% to 41,960 yuan ($5,958.95) a tonne, its highest since March 17.
Copper stocks in warehouses tracked by ShFE CU-STX-SGH fell for the third straight week to 317,928 tonnes on Friday, the lowest since the week ended Feb. 28.
Disruptions to operations or logistics due to the pandemic in South America and Africa that raised supply concerns and signs of a pick-up in Chinese demand also supported prices.
Glencore’s Katanga Mining sent 350 workers to be repatriated this week after the copper and cobalt miner delayed the commissioning of an acid plant in Democratic Republic of Congo.
* NICKEL: ShFE nickel fell 0.2% to 96910 yuan a tonne on worries of weaker demand from the stainless steel industry after the European Commission imposed provisional anti-dumping duties on some products from China, Indonesia and Taiwan.
* SCRAP: China approved import quotas for another 222,020 tonnes of high-grade copper scrap and 191,100 tonnes of aluminium scrap in 2020, a government notice showed.
* OTHER PRICES: ShFE aluminium advanced 0.4% to 11,815 yuan a tonne at 0321 GMT, lead rose 0.3% to 13,855 yuan a tonne, zinc was up 0.9% to 15,715 yuan a tonne and tin jumped 2% to 127,940 yuan a tonne.