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LME copper rose for the second consecutive day, but China's economic growth worries dragged the

Release date:2018-12-29  source:文华财经  author:上海有色*  Browse times:2762
According to foreign news on December 28th, LME copper climbed for the second consecutive day on Friday, rising with the stock market and oil prices, but concerns about China's economic slowdown are expected to be dragged down.

Asian stocks rose on Friday after the US stock market closed higher in shock trading, continuing the previous day's upswing, but investor tensions linger, helping support the safe-haven currencies such as the yen.

LME three-month copper rose 0.4% to $6,007.5 per ton.

The most active copper futures contract on the Shanghai Futures Exchange closed down 0.12% to $48,340 per ton.

Crude oil prices and stock market gains provide support for copper prices, but concerns over the slowdown in China's growth in metal-consuming countries are putting pressure.

According to data released by the National Bureau of Statistics on Thursday, the profits of industrial enterprises above designated size in the first three years have turned into a year-on-year decline in the past three years, indicating that the risk faced by the world's second largest economy has risen.

According to people familiar with the matter, China's large copper smelters increased their minimum processing refining costs (TC/RC) in the first quarter of 2019 by 2.2% on Thursday.

The mining company pays the TC/RC to the copper smelting plant and processes its ore into refined metal. The increase in minimum processing costs indicates that the copper concentrate market is adequately supplied.

The joint venture of Anglo American and Glencore, the Collahuasi copper mine in Chile, issued a statement on Thursday saying that it has applied for an environmental permit to extend the life of the mine and plans to invest 3.2 billion US dollars to increase production.

Collahuasi is one of the largest copper mines in the world. The project's production in 2018 is estimated at 545,000 tons. The company stated that it will upgrade the project in the future to improve efficiency and output.

 
Key word: 市场
 
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