The most-active copper contract on the Shanghai Futures Exchange rose 1.25 percent to 78,760 yuan ($10,901.34) a tonne.
Basic fundamentals are showing improvement, with downstream copper demand indicators showing positive growth, particularly in grid infrastructure and electric vehicles.
“Producers, supported by recent stimulus measures, are ramping up production… copper cathode inventories in Shanghai and Guangdong have extended their decline from peak levels due to lower imports in recent months,” ANZ analysts said in a note.
China’s refined copper output is likely to decline in April as more smelters begin maintenance and those suffering severe losses reduce their capacity utilization rates, analysts at First Futures said in a note.
Copper cathode output among surveyed smelters rose 5.28% year-on-year to 1.9 million tonnes in January-February, state-backed research firm Antaike said in a note on Tuesday, forecasting March output would rise 4.32% year-on-year to 969,000 tonnes.
China consumes about half of the global copper supply each year. Copper rose with support from a weaker dollar and a decline in available LME stocks.
However, concerns about a global trade war have limited copper's gains, ANZ analysts said.
SHFE aluminium rose nearly 1% to 20,960 yuan a tonne, zinc rose 0.95% to 23,935 yuan, tin rose 0.57% to 263,990 yuan, lead was little changed at 17,455 yuan, while nickel fell 0.26% to 132,270 yuan.
Three-month copper on the London Metal Exchange (LME) edged up 0.03% to $9,682 a tonne.
LME aluminium edged up 0.22% to $2,710 a tonne, lead added 0.19% to $2,059, while tin edged down 0.05% to $33,145, zinc eased 0.02% to $2,919.5 and nickel eased 0.15% to $16,455.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-13-3-tang-gia-nhu-cau-cua-trung-quoc-cai-thien.html
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