Copper prices on the London Metal Exchange are up after falling 3.5% at the end of the previous session. The metal in 3 month deliveries is valued at 0.7% higher. – at 9,904.00 USD per tonne, inform brokers.
At Comex in New York, copper is 0.46 percent more expensive. up to $ 4.5795 per pound.
The global energy crisis continues to rock energy-intensive sectors and has forced a reduction in the supply and production of metals, resulting in lower inventories, including copper.
Freeport-McMoRan Inc., the world’s largest publicly traded mining company, said its third-quarter copper production in the Americas was lower than expected, adding to investor concerns over tight base metals markets as prices are at record highs.
The company produced 987 million pounds of copper in the previous quarter, up from around 1 billion pounds according to analysts’ estimates.
“The outlook for the copper markets is extremely positive,” said the CEO of Freeport-McMoRan Inc .. – Richard C. Adkerson. Rising copper prices have enabled his company to achieve record profits this year and next.
Meanwhile, investors are worried about the situation in China, which is the world’s largest customer for industrial metals, including copper. These include the state of the Chinese real estate sector and the financial problems of companies in this sector, led by the giant – China Evergrande Group, which is one of the most serious threats to the Chinese economy.
The Chinese real estate sector is responsible for nearly a quarter of the country’s GDP.
At the end of the previous session, copper on the LME fell $ 354, or 3.5%, and stood at $ 9,832.00 per tonne.
This week, copper lost 3.7% at the LME (PAP Biznes)
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