London, Shanghai copper prices rise

Business | 22 Jul 2021 12:15 pm

Copper prices advanced on Thursday, as investors appeared to shrug off worries over rising coronavirus cases worldwide and as China, the world's top metals consumer, decided to release less reserve metals than expected, Reuters reports.

Three-month copper on the London Metal Exchange was up by 0.4 percent at US$9,381 a ton, as of 0316 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange increased by 0.8 percent at 68,740 yuan (US$10,632.14) a ton.

Copper is often used as a gauge of global economic health.

China will sell another 30,000 tons of copper, 90,000 tonnes of aluminium, and 50,000 tons of zinc from its state reserves on July 29, less than the market has anticipated.

 



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