Copper prices surged by 0.92%, settling at 721.75, driven by positive signals from China, including improved exports and increased demand prospects for the commodity sector. China’s exports grew for the first time in six months in November, indicating that factories in the world’s second-largest economy are attracting buyers through discount pricing to overcome a prolonged slump in demand. Daily LME data revealed net cancelled warrants in LME-registered warehouses at 6,725 metric tons, providing additional support to copper prices. China’s copper imports rose by 10.1% from the previous month to 550,565.6 tonnes in November, according to data from the General Administration of Customs.
The increase in unwrought copper and copper product imports includes anode, refined, alloy, and semi-finished copper products. The premium to import copper into China remained around a one-year high at $112.50 per ton, indicating rising demand for the metal in China. Copper inventories in warehouses monitored by the Shanghai Futures Exchange increased by 16.0% from the previous Friday, as reported by the exchange. In Chile, the world’s leading copper producer, exports of the red metal reached $3.96 billion in November, marking a 3.8% increase from the previous year, according to the central bank.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
