DAILY ROUND-UP – FastMarkets on China copper demand and end of Los Bronces strike

A daily round-up of the top FastMarkets stories from September 19. 

Base metals apart from copper ended Monday LME trading in positive territory, with nickel in particular performing strongly into the close, climbing above $10,000 to a one-week high.

Comex copper drifted around the previous settlement amid a general market retreat ahead of Japanese and US monetary decisions.

Consumers in China are positive on domestic copper demand growth in the fourth quarter, with the local property market picking up pace and robust buying from state grid sectors due to China’s urbanisation process.

China’s refined zinc production fell 2.8 percent year-on-year to 517,000 tonnes in August, according to data published by the country’s National Bureau of Statistics on Monday.

Chinese refined copper metal output growth picked up in August, increasing 12.4 percent year-on-year to 743,000 tonnes, according to data published by the country’s National Bureau of Statistics on Monday. Production growth in July was at 9.6 percent year-on-year.

China recently announced a number of improved macroeconomic data which brought back some optimism in the copper market, but market participants remained cautious over the metal’s near-term price direction and demand.

Workers at Anglo American’s Los Bronces copper mine in Chile have ended a week-long strike after the company reached a wage agreement with two unions last Friday.

Copper contracts on the Shanghai Futures Exchange and the London Metal Exchange headed in different directions during Asian trading hours on Monday with short-covering lifting SHFE copper prices as Chinese investors return from Mid-Autumn festival holidays.

Will Adams

About Will Adams

William Adams has been involved in the metals markets since 1982 – he has experience in many areas of the market from researching to trading and has worked in London, New York and Tokyo.