(Updates prices)
HANOI, May 4 (Reuters) - London aluminium prices rose on Tuesday over concerns that a commitment to reduce pollution by top producer China could limit the energy-intensive metal’s supply.
Three-month copper on the London Metal Exchange rose 1.5% to $2,433.50 a tonne by 0647 GMT, copper advanced 0.8% to $9,900 a tonne, zinc was up 0.5% at $2,941 a tonne, while nickel increased 0.7% to $17,795 a tonne.
“We expect aluminium to remain supported in the short term amid concerns climate change policies in China will curb output,” said ANZ analysts in a note.
“Coal-fired power is used by more than 80% of China’s aluminium smelters. Pollution-reduction policies are likely to push many of them to hook up to the grid, thereby increasing their costs,” they added.
ASX to rise, Dow lifts in broad rally
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Australian shares are poised to open higher, lifted by overseas gains and on expectations that the RBA will not announce any changes after a policy meeting on Tuesday.
ASX futures were up 11 points or 0.2 per cent to 7015 near 6.15am AEST. The currency was 0.6 per cent higher.
The yield on the US 10-year note slid 2 basis points to 1.60 per cent near 4.30pm in New York.
On Wall Street, stocks were mixed with the Dow and S&P 500 higher, while techs dragged down the Nasdaq. The NYSE Fang + Index was 1.2 per cent lower.
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Updated April 29, 2021
In this file photo taken on October 16, 2018 an Indonesian worker processes copper pipes at a Nakamoto Mfg factory in Oizumi, Gunma prefecture. AFP
The price of a tonne of copper exceeded $10,000 on Thursday for the first time since February 2011 thanks to strong demand in China and the weak dollar.
The industrial metal is considered a barometer for the general health of the economy by market analysts, which have dubbed it Dr. Copper.
Its price has risen by more than a quarter since the start of the year as the global economy begins to shake off the Covid-19 pandemic.
Thursday, 29 Apr 2021 11:51 PM MYT
A man stands near copper cathodes on a truck at a near Yangshan Deep Water Port, south of Shanghai, March 23, 2012. – Reuters pic
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LONDON, April 29 The price of a tonne of copper exceeded US$10,000 (RM41,025) today for the first time since February 2011 thanks to strong demand in China and the weak dollar.
The industrial metal used in electronics and construction is called Dr Copper by many analysts as its performance is good at diagnosing the general health of the economy.
Its price has risen by more than a quarter since the start of the year as the global economy begins to shake off the Covid-19 pandemic.
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(FILES) In this file photo taken on October 16, 2018 an Indonesian worker processes copper pipes at a Nakamoto Mfg factory in Oizumi, Gunma prefecture. – The price of copper is inching toward a record 10,000 dollar a tonne, a price not seen for a decade on April 27, 2021. (Photo by Kazuhiro NOGI / AFP) The price of a tonne of copper exceeded $10,000 on Thursday for the first time since February 2011 thanks to strong demand in China and the weak dollar. The industrial metal used in electronics and construction is called Dr Copper by many analysts as its performance is good at diagnosing the general health of the economy.