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Friday April 19, 2024

Copper rises

By REUTERS
May 26, 2018

Beijing : London copper rose 0.1 percent to $6,887 a tonne by 0513 GMT, as traders weighed the potential closure of a major smelter in India.

Shanghai copper climbed 0.5 percent to 51,580 yuan a tonne.

India´s Tamil Nadu state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the closure of the plant on environmental grounds.

Most base metals rose on Friday, led by nickel in Shanghai as investors bet that demand for the metal would increase in line with China´s electric vehicle (EV) boom.

The most traded July nickel contract on the Shanghai Futures Exchange rose as much as 3.4 percent to 111,660 yuan ($17,483) a tonne, its highest since June 2015, while nickel on the London Metal Exchange slipped 0.1 percent after a 1.7 percent jump on Thursday.