(Updates prices, adds quotes and details)
HANOI, May 11 (Reuters) – London copper prices climbed on Tuesday, as traders bet on demand prospects from metal-reliant renewable energy and electric vehicles (EV) sectors and as the global economy steadily recovers from the fallout of the COVID-19 pandemic.
Three-month copper on the London Metal Exchange was up 1% at $10,490 a tonne, as of 0538 GMT, inching closer to a record peak of $10,747.50 notched in the previous session.
The most-traded June copper contract on the Shanghai Futures Exchange dipped 0.5% to 76,380 yuan ($11,887.94) a tonne, clawing back from early losses of 2.5%.
“The continued strengthening of the global economy, at the same time as governments are intent on increasing stimulus measures is driving sentiment higher,” said ANZ analysts in a report.
“Copper is also attracting interest from investors looking to benefit from the new energy sector, with demand from the renewable energy and EV sector expected to boost demand,” they added.
* A union representing workers at BHP Group’s Escondida and Spence copper mines in Chile has called for a strike vote among its members after contract negotiations stalled.
* A shortage of copper and dwindling inventories in the long-term are likely to propel prices of the industrial metal to levels beyond current record highs, unless scrap supplies rise significantly, analysts said.
* ShFE copper speculative net long rose to 52.8% of open interest on Monday, the highest since the position rose to an 18-year high of 57.9% in February, from Friday’s 47.4%, Marex Analytics data showed.
* About 50-80% of LME copper warrants are currently held by one party. <0#LME-WHL>
* More than 90% of LME tin inventories and short-term futures are currently held by a party. <0#LME-WHT>
* LME aluminium rose 1.8% to $2,577 a tonne, LME aluminium climbed 1.9% to $2,579.50 a tonne, while ShFE nickel dropped 1.2% to 131,960 yuan a tonne.
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