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Copper price falls after China’s metals auction | |
admin | |
2021-07-30 | |
发布年 | 2021 |
语种 | 英语 |
国家 | 国际 |
领域 | 地球科学 |
正文(英文) | The copper price fell on Friday after China released more base metals from its state reserves. Copper for delivery in September fell 1.2% from Thursday’s settlement price, touching $4.466 per pound ($9,825 per tonne) on the Comex market in New York. The release of state metal reserves is one of a number of attempts by Beijing to cool a stellar rally in commodity prices that has squeezed manufacturers’ margins. Click here for an interactive chart of copper prices China announced it would release a total of 170,000 tonnes of metals, including copper, aluminum and zinc, from state reserves on Thursday to nonferrous fabricators. A total of 30,000 tonnes of copper and 50,000 tonnes of zinc was open for public bidding on the platform operated by China Minmetals Corp. Related read: Copper price: After China ban, Australia had no problem finding new concentrate buyers The platform crashed several minutes after auctions started, but later resumed. Goldman Sachs said in a recent note that copper prices are poised to grow as demand outpaces supply since the concentrate market is very tight, particularly in China. The bank’s three-month, six-month and 12-month price targets for copper are $10,500 per tonne, $11,000 per tonne, and $11,500 per tonne, respectively. (With files from Reuters)
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来源平台 | Minging.com |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/334713 |
专题 | 地球科学 |
推荐引用方式 GB/T 7714 | admin. Copper price falls after China’s metals auction. 2021. |
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