Contango on LME Copper Hits Highest from 2009, Gongyi Hurt by Production Restrictions during Heating

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SHANGHAI, Sept. 18 (SMM)－Contango on LME copper was $46 per tonne on September 15, the highest from 2009.

LME copper inventory grew for 4 days on end by a total of 95,925 mt from September 11, reaching 304,350 mt, the highest from July 2017.

Zambia’s copper production is expected to grow to 800,000 tonnes this year.

Beijing issued the Action Plan for Dust Treatment at Construction Sites in Autumn and Winter 2017-2018.

Wu Yuneng said copper smelting capacity may see oversupply in the future.

International Copper Association’s China-based President Zhou Sheng said China’s copper demand may surpass the US to become world’s highest in 2002.

Copper tube/pipe industry has cooled down.

SMM undertook opinion poll on lead price in H2 2017.

Lead price is expected to remain strong for the remainder of 2017, said SMM lead analyst.

China’s refined lead supply will fall in 2017,supporting price in H2 2017

China’s total nickel ore inventories exceeded 9 million tonnes. https://news.metal.com/newscontent/100757810/China-Total-Nickel-Ore-Inventories-Exceed-9-Mln-tonnes,-SMM-Reports