World metal prices today 7/6

World metal prices today 7/6: Copper price increased as investors boosted buying.

Copper prices closed higher in the last session of the week, as investors boosted their purchases after the previous drop, on concerns that strong US economic data could prompt tighter monetary policy.

Accordingly, copper for three-month delivery on the London Stock Exchange rose 1.9% to $9,972.5 per tonne, after plummeting 3.8% in the previous session.
In May 2021, copper prices hit a record high of $10,747.50 per tonne, boosted by optimism about a global economic recovery and renewed demand from the green revolution expected to include a move to tram.
Copper prices rose sharply along with the stock market, after US jobs data was lower than expected, easing concerns that the US Federal Reserve will withdraw stimulus measures.
In China, copper prices hit the lowest level of nearly 6 weeks, the price of copper for July 2021 on the Shanghai floor fell 3.6% to 70,470 CNY (equivalent to 11,001 USD)/ton.
Tin prices traded on the London floor rose 2.7% to $30,805 a tonne after Malaysia Smelting Corp., the world’s third-largest tin producer, said it would temporarily close due to the new COVID-19 lockdown.
On the London floor, other metal prices also changed compared to the previous session, aluminum price increased 2.2% to 2,457.50 USD/ton, zinc price increased 0.8% to 3,007.50. USD, lead fell 1.3% to $2,144 and nickel rose 0.8% to $18,030.
Metals market support was a weaker US dollar index, which gave up earlier gains following US jobs data, making US currency-denominated goods cheaper for consumer-use buyers. other currencies.
Russian metal producer Nornickel GMKN.MM has resumed mining operations at the second of its two mines affected by flooding this year.
On June 5, the workers union at BHP’s Escondida mine said it had made a proposal for a new labor contract with BHP, marking the beginning of future negotiations at the copper mine. the world’s largest. BHP confirmed that it received the proposal and it will have 10 days to respond to the union.
This negotiation comes at a time when copper prices have skyrocketed amid increased demand and tight supply of the red metal, creating more incentive for workers to participate in contract negotiations. new.
The union requested a one-time bonus equal to 1% of BHP dividends paid to stock holders plus a 5% salary increase. They consider it a fair and objective system for the career development of workers.
A separate union of remote workers at the Escondida and Spence mines has been on strike since last Thursday, but BHP said production has so far not been affected.
List of futures trading prices of some metals on the Shanghai floor
(Unit: CNY/ton)