Copper prices soar to 11-week high as Panama mine faces closure

News Image

By MG News | December 01, 2023 at 10:57 AM GMT+05:00

0:00

December 01, 2023 (MLN): Copper prices advanced to the highest level in 11 weeks on concerns over the looming shutdown of a large mine in Panama and amid expectations of a widening ore supply deficit in 2024, Bloomberg reported.

The Panama government has said it will shut First Quantum Minerals Ltd.’s Cobre operation, which produces about 1.5% of the world’s supply.

The mine already suspended output last month as a blockade of boats restricted key supplies amid mass protests from environmentalists and labor unions.

The disruption comes as the gap between demand and supply for copper ore is set to widen next year, according to BloombergNEF.

Two key producing regions, Chile and Peru, are facing bottlenecks in increasing output, while demand is rising in China, it said. Copper prices are likely to remain elevated, it added.

Copper climbed 4.4% in November, the first monthly increase since July, as a slew of stimulus in China improved the outlook for commodity demand in the top consuming nation.

A weakening dollar also helped commodities priced in the greenback as they became cheaper for buyers in other currencies.

Copper rose as much as 0.5% to $8,507 a ton on the London Metal Exchange, before trading at $8,490 by 11:09 a.m. in Shanghai. Most metals were higher, with aluminum and zinc up 0.2%.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg