China Cu prices jump 6%, refreshing 9-year high
Feb 23, 2021 09:30
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Chinese copper prices in the domestic futures and spot markets both gained nearly 6% from last Friday to each refresh nine-year highs as of February 22, new data shows. The increase extended the price uptrend that began in early February and occurred mainly thanks to the prevalent optimism for long-term copper fundamentals, and to tight supplies of imported copper and copper concentrates, according to Mymetal, Mysteel’s nonferrous metals reporting arm.
The most traded copper contract on the Shanghai Futures Exchange, that for April delivery, rose by Yuan 3,910/tonne ($589/t) or by 5.99% from the settlement price of February 19 to close at Yuan 67,370/t on February 22.
Meanwhile, China’s national price of the 99.99% copper cathode moved up Yuan 3,796/t from