Copper prices on the London Metal Exchange are stable and maintain their highest level in 5 weeks. There are concerns about a possible shortage of metal. Copper on the LME with 3 months shipping costs $ 6803.00 per ton, brokers say.
On the Shanghai Metal Exchange, copper rose 1% on the last day of trading. “The outlook for demand for base metals, including copper, is upbeat as the government of China, the world's largest consumer of industrial metals, is committed to supporting robust growth in its economy,” said Jerry Jiao, analyst at MMG Ltd.
In China next week (18.10) the 19th Congress of the Chinese Communist Party begins. 2,300 delegates will discuss important issues in the political sphere and the Chinese economy.
On Wednesday, the London LME copper gained $ 40, or 0.6 percent, to $ 6,800.00 a tonne. This is the highest metal price since September 7th.
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