Copper demand to rise 3.3% in 2022 after a 4.9% jump this year -IWCC
Global demand for copper is seen rising 3.3% in 2022, leading to a mostly balanced market after an expected shortfall of half a million tonnes this year, the International Wrought Copper Council (IWCC) said.
The IWCC, an industry body that represents copper fabricators, sees demand for refined copper in 2022 rising by 3.3% to 25.275 million tonnes while supply is expected to rise 5.4% to 25.25 million tonnes.
The refined copper market is expected be in a deficit of 500,000 tonnes this year as demand is seen rising 4.9% to 24.458 million tonnes against expected supply of 23.95 million tonnes.
Tin was 2.3% higher at $30,595 a tonne after reaching $30,650, the highest since 2011. Nickel was up 0.4% at $17,980, lead was up 1% at $2,229.50. (File mic shows tin ingots MMC in Malaysia)
LONDON: Most industrial metals prices rose on Tuesday as investors betting on a long period of low interest rates bought riskier assets, pushing global stock markets higher and dragging the dollar to its weakest since February.
The weaker greenback helps dollar-priced metals by making them cheaper for buyers with other currencies.
Benchmark zinc on the London Metal Exchange (LME) was up 1.4% at $3,056 a tonne at 1615 GMT after surging to $3,108.50, its highest since June 2018.
Fate of London metals pit hangs in balance after trader pushback
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When the London Metal Exchange in January proposed closing its historic trading floor, many in the industry assumed it was a done deal. But after a backlash from major users, it’s looking a lot less certain.
After months of consultations, the LME’s board will meet Thursday to decide the future of the open-outcry floor. One of the last of its kind in the world, “the Ring” was closed temporarily last March as the U.K. went into lockdown. Ever since, global prices for copper and other industrial metals have been set electronically and so smoothly that the LME argued there was no need to reopen the floor at all.
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