[ad_1]
(Price updates)
By Mai Nguyen
SINGAPORE, May 3 (Reuters) – Prices for copper and other industrial metals edged up on Friday as part of the holiday market on Labor Day, buoyed by expectations of a global shortage of copper and copper. of nickel for electric vehicle manufacturer Tesla Inc.
Tesla, a major consumer of minerals, has experienced a shortage of nickel, copper, and other mineral batteries from electric vehicles due to underinvestment in the mining sector, said its global head of power. supply of metals for batteries, at a conference.
Three-month copper rose 0.3% to $ 6,187.50 per tonne at 6:42 am GMT, rebounding after a two-and-a-half month low in the previous session, but on track for a second weekly decline consecutive.
Copper is under pressure in the face of uncertain prospects for demand from China, the world's largest consumer of red metal, as China's economic growth has not yet shown any stable signs of stabilization after the slowdown last year.
"In the future, the supply disruptions in Chile and Peru in the second half of this year will become more apparent, which could help rebalance the (copper) market," said Helen Lau. , from Argonaut Securities.
"Prior to that, we fear that a new dollar strength and a sluggish economic report from the United States and China may put downward pressure on copper prices in the near term," Lau said.
FUNDAMENTALS
* COPPER: Latest data showed that copper stocks in warehouses approved by the LME MCUSTX-TOTAL rebounded slightly Wednesday to reach 231 950 tonnes, when CMCU0-3 cash gap of the LME over three months has been reintroduced into the discount zone.
* PRICE: nickel rose 0.2%, aluminum 0.3%, zinc 0.2%, lead 0.4% and tin almost $ 19,280 the ton.
* NICKEL INVENTORY: Nickel stocks in LME MNISTX-TOTAL approved warehouses were at their lowest level since April 2013, based on the latest available data.
* LME ASIA WEEK: The London Metal Exchange Hong Kong will launch Monday a series of events bringing together leaders, traders and brokers from the industrial metals sector.
* A US senator planned to table a bill on Thursday to streamline regulations and allow the development of mines for minerals in the electric vehicle supply chain, as part of a plan to counteract the dominance of China in space.
* For the best articles on metals and other news, click on or
PRICES
LME copper three months
ShFE Copper Most Active
LME three months in aluminum
Most active ShFE aluminum
LME zinc three months
The most active ShFE zinc
Three months ahead on the LME
Most active ShFE lead
LME nickel three months
Most active nickel ShFE
Three month box LME
ShFE Pewter the most active
Mai Nguyen report; Edited by Rashmi Aich
Source link
