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Prices of Copper and Aluminum Keep Increasing
2017/10/23
Due to a slowdown in copper supply and increasing downstream demand, copper prices have been rising since the beginning of May. On August 29, the price of copper on the London Metal Exchange (LME) reached US$ 6,800/ton, the highest peak since the end of 2014. Shanghai copper prices reached a maximum of RMB 53,000/ton (US$ 8,000/ton), reaching a new high in nearly four years.
 
Because copper prices continued to slump in recent years, some mining companies postponed expansion and new investment projects.
 
According to statistics from the International Copper Study Group (ICSG), during 2017-2018 there have only been eight major copper projects put into operation globally, with a total new production capacity of 857,000 tons. There are six proposed projects, with a new capacity of only 482,000 tons. In the first half of this year, strikes frequently occurred on the copper supply side. All these factors contributed to the slowdown in copper supply.
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