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Copper rises

Beijing : Three-month copper on the LME rose 0.8 percent to $6,676 a tonne and is on track for a 0.5 percent dip this quarter.ShFE copper closed down 0.2 percent but still posted a 1.8 percent gain over the three months.Zinc shrugged off early losses to trade higher for a third day on Friday on the prospect of Chinese smelters cutting output by 10 percent in response to low prices and treatment charges.Helen Lau, an analyst at Argonaut Securities in Hong Kong, said a 10 percent cut implied that 400,000 tonnes of the metal would come out of the market in China, the world´s biggest zinc producer, on an annualised basis.There is "a need for smelters to constrain their production because demand is weak, especially the demand from galvanising," she added. Zinc is used to galvanise steel.

from The News International - Business https://ift.tt/2lKxEem
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