financetom
World
financetom
/
World
/
METALS-Copper hits three-week high on DRC mine woes, soft dollar
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
METALS-Copper hits three-week high on DRC mine woes, soft dollar
May 26, 2025 1:29 PM

(Recasts with updated prices at 1630 GMT)

By Polina Devitt and Eric Onstad

LONDON, May 23 (Reuters) - U.S. copper prices rose to

their highest in more than three weeks on Friday, buoyed by a

weaker dollar and worries about problems at a big mine in Congo.

U.S. Comex copper futures climbed 3% to $4.82 a lb,

the strongest since April 30.

Benchmark three-month copper on the London Metal

Exchange (LME) gained 1.2% to $9,617 a metric ton by 1630 GMT,

its strongest since May 14.

Earlier base metal prices ticked lower after U.S. President

Donald Trump said he would impose 50% tariffs on goods from the

European Union, but bounced back as the dollar index fell

to its lowest in over three weeks.

A weaker U.S. currency makes dollar-priced metals more

attractive for buyers using other currencies.

Copper was also bolstered by concerns about the huge

Kamoa-Kakula copper mine in the Democratic Republic of Congo,

the biggest copper producer in Africa and one of the world's

largest.

China's Zijin Mining warned that a suspension of activity

due to seismic activity may have an "adverse impact" on

achieving planned production this year of 520,000 to 580,000

tons.

"It sounds fairly bad and obviously it's a pretty big mine,"

said Dan Smith, managing director at Commodity Market Analytics.

Co-owner Ivanhoe Mines ( IVPAF ), however, disputed Zijin's

statement, saying an investigation was still in progress.

Copper inventories in warehouses monitored by the Shanghai

Futures Exchange fell 9% to 98,671 tons this week,

while stocks in the LME-registered warehouses lost 8% to 164,725 amid continuing inflows into the COMEX-owned

warehouses . The COMEX inventories are up 3% at

174,607 this week.

In the LME system, the spread between the cash against the

three-month copper contract remained at a premium,

indicating some tightness for the nearby supply due to the

outflows from the stocks.

The premium, known as backwardation, was last at $32 per

ton.

Meanwhile, LME aluminium rose 0.4% to $2,466.50 a

ton; zinc added 0.3% to $2,705, nickel gained

0.7% to $15,605, lead climbed 1.1% to $1,991 and tin

advanced 1.6% to $32,910.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
TSX Closer: Major Deals Drive Monday Market to a Strong Finish
TSX Closer: Major Deals Drive Monday Market to a Strong Finish
Aug 12, 2024
04:19 PM EDT, 08/12/2024 (MT Newswires) -- The Toronto Stock Exchange has completed a hat trick of winning sessions on Monday, rising for a third day on resource issues and big acquisition deals. The S&P/TSX Composite Index closed up 87.63 points to 22,398.93. Energy led, advancing 3.0%, followed by Base Metals, up 1.09%. Information Technology, down 1.3% and Financials down...
EMERGING MARKETS-Latam assets mixed in wait for global growth signals
EMERGING MARKETS-Latam assets mixed in wait for global growth signals
Aug 12, 2024
* Interest-rate increase is on table - Brazil central bank director * Azul shares fall after results * Chile expected to cut rates to 5.5% in September - poll * Peru copper output slides nearly 12% in June * Stocks flat, FX down 0.5% (Updated at 4:03 p.m. ET/ 2003 GMT) By Ankika Biswas and Lisa Pauline Mattackal Aug 12...
Equity Markets Close Mixed Ahead of Producer Prices Report
Equity Markets Close Mixed Ahead of Producer Prices Report
Aug 12, 2024
05:00 PM EDT, 08/12/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Monday as markets awaited key inflation data due later in the week. The Dow Jones Industrial Average fell 0.4% to 39,357, while the Nasdaq Composite rose 0.2% to 16,780.6. The S&P 500 was little changed at 5,344.4. Real estate and communication services saw the steepest declines among...
Equities Close Mixed Ahead of Producer Price Report
Equities Close Mixed Ahead of Producer Price Report
Aug 12, 2024
04:32 PM EDT, 08/12/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Monday as markets awaited key inflation data due later in the week. The Dow Jones Industrial Average fell 0.4% to 39,357, while the Nasdaq Composite rose 0.2% to 16,780.6. The S&P 500 was little changed at 5,344.4. Real estate and communication services posted the steepest declines among...
Copyright 2023-2025 - www.financetom.com All Rights Reserved