24 August 2023 – Copper prices on the SHFE rose again Thursday on positive sentiment, political tailwinds and rising demand for other raw materials. And is the LME losing the nickel case in court?
SHFE copper prices continue to rise
Copper prices on the SHFE rose to their highest level in three weeks today (Thursday). Announced support from the Chinese government for the economy, the upcoming peak consumption season in China, the largest consumer of copper, have pushed copper prices to more than $9,550 per ton.
Further support for prices came from a slightly weaker dollar and rising demand in other commodities.
Is LME losing the nickel case in court?
Several media outlets had reported in recent days that Hong Kong Exchanges and Clearing (HKEX), the parent company of the London Metal Exchange (LME), would step up in the event of any damages or lawsuit settlements related to the cancellation of billions of dollars worth of nickel trades last year. In addition, the HKEX had demonstratively backed the LME. This positioning of HKEX on the LME could indicate that a decision from the court is expected here soon, or that a settlement has already been reached with the plaintiff parties.
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