keywords :
London copper prices hit a record high on Friday, boosted by tight supply outlook and hopes for strong demand in the new energy sectors, as major economies recover from the COVID-19 pandemic.
Three-month copper on the London Metal Exchange rose 1.4% to hit an all-time high of $10,232 a tonne at 0202 GMT. The contract has risen more than 30% since the beginning of the year.
The most-traded June copper contract on the Shanghai Futures Exchange climbed as much as 2.3% to 74,630 yuan ($11,552.99) a tonne, its highest since May 2006 and also close to its record level of 76,160 yuan.
FUNDAMENTALS
* Chile’s lower house of Congress approved a bill that would sharply hike taxes on the country’s copper industry, raising fears from miners that it could chill investment in the world’s biggest producer of the metal and drag on global supply.
* LME aluminum rose 1.5% to $2,525.50 a tonne, nickel fell 0.6% to $17,830 a tonne while tin dropped 1.7% to $29,625 a tonne.
* ShFE aluminum climbed as much as 2.5% to 19,775 yuan a tonne, its highest since January 2010, while zinc advanced 1.7% to 22,270 yuan a tonne.
* For the top stories in metals and other news, click or
MARKETS NEWS
* A gauge of global stocks headed for its first weekly gain in three amid a surge in commodity prices as traders braced for a key U.S. jobs report on Friday that could provide clues on when the Federal Reserve will ease back on monetary stimulus.
DATA/EVENTS (GMT)
0600 Germany Industrial Output MM March
0645 France Reserve Assets Total April
1230 US Non-Farm Payrolls April
1230 US Unemployment Rate April
1230 US Average Earnings YY April
N/A China Exports, Imports YY April
N/A China Trade Balance April