NEW YORK: Copper prices edged higher across major exchanges this week, supported by rising investments in copper production as producers position themselves to meet rising demand from the global transition to cleaner energy technologies.
Three-month copper on the London Metal Exchange was up 0.3 per cent at US$9,847.5 per metric ton, as of 0229 GMT, has gained 0.53 per cent so far this week.
The most-traded copper contract on the Shanghai Futures Exchange gained 0.43 per cent to 79,160 yuan (US$11,066.84) a ton, and is poised to end the week 0.57 per cent higher.
Harmony Gold, South Africa’s largest gold producer, is accelerating plans to diversify into copper, recognising the metal’s pivotal role in the global shift towards cleaner energy.
This decision follows Harmony’s agreement to buy Australian miner Mac Copper, with the deal expected to be completed in October, and its earlier acquisition of the Eva Copper project in 2022.
Amid a broader rally in base metals, aluminium prices rose as producers warned of supply constraints following Beijing’s decision to cap aluminium smelting capacity to rein in power consumption and emissions, reducing the availability of cheap, low-cost subsidised smelters in China, said analysts from ANZ.
Meanwhile, elevated energy prices outside China are presenting further challenges for producers, limiting additions to global aluminium capacity in the second half of 2025, ANZ added.
Among other London metals, aluminium rose 0.23 per cent to US$2,611 a ton, lead climbed 0.2 per cent to US$1,987.5, tin gained 0.11 per cent to US$34,840, and zinc increased 0.02 per cent to US$2,781.5, while nickel lost 0.02 per cent to US$15,260.
SHFE aluminium rose 0.05 per cent to 20,720 yuan, nickel climbed 0.38 per cent to 121,220 yuan, and tin increased 0.51 per cent to 273,750 yuan, while lead eased 0.27 per cent to 16,835 yuan and zinc weakened 0.29 per cent to 22,070 yuan.
© New Straits Times Press (M) Bhd
