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The trading range of refined copper on September 28 was Yuan 61,310-61,500/tonne, the average price was Yuan 61,405/tonne, with a decrease of Yuan 60/tonne.
Copper prices maintained weak volatility today. China refined copper spot premium rose slowly. On the one hand, there were fewer spots in circulation today and the supply
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China's national average price of primary zinc (at least 99.995%) under Mysteel's assessment continued to lose ground over September 21-27, falling Yuan 636/tonne ($88/t) on week to Yuan 24,712/tonne including the 13% VAT as of September 27.
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Rio Tinto will invest $55 million to start underground mining and expand production at the Kennecott copper mine in Utah, USA.
The company said the action will increase copper production by 30,000 tonnes from early 2023 to 2027, in addition to open-pit mining at the mine. The open-pit copper mine produced
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Chinese prices of nickel pig iron (NPI) strengthened further this week, levered higher by smelters endeavoring to offset higher raw materials costs. As of September 27, the price of 8-10% grade NPI in East China's Jiangsu province under Mysteel's assessment had climbed to a 2.5-month high of Yuan 1,335/mtu ($185/mtu) including delivery and the 13% VAT, increasing by another Yuan 10/mtu from one week before.
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On September 28, Gan Zhou Yi Hao New Materials was listed on the ChiNext Board of the Shenzhen Stock Exchange today, and the company publicly issued 42.2667 million shares, raising 1.009 billion yuan, mainly invested in high-precision electrolytic copper foil projects with an annual output of 10,000 tonnes after deducting
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In response to reduced market demand for aluminium billets in Europe, Hydro has decided to partially curtail aluminium production at Hydro Karmøy and Hydro Husnes in Norway.
The decision will correspond to an annual production capacity reduction of 110,000-130,000 tonnes of primary aluminium, including production recently taken out for ordinary maintenance
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Base metal prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) showed a downward trend on the last trading day.
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After rising during the previous two weeks, Chinese aluminum prices reversed down during September 19-23 after the cost support they'd received from raw materials weakened and as demand for metal from end-users remained feeble, Mysteel Global learned. Meanwhile, the production cuts smelters are making meant that domestic aluminum supply continued to fall.
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On September 27, SHFE Copper futures warehouse receipt was 4,330 tonnes, 474 tonnes less than the previous trading day; the cumulative decrease in the past week was 4,219 tonnes, a decrease of 49.35%; the cumulative decline in the past month was 324 tonnes, a decrease of 6.96%.
The Fed is expected
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The trading range of refined copper on September 27 was Yuan 61,330-61,600/tonne, the average price was Yuan 61,465/tonne, with a decrease of Yuan 170/tonne.
The US dollar index remained high, which put significant pressure on copper prices. Copper prices fluctuated lower again today. Overall transaction price range continued to decline compared
