Copper price rises on supply disruption concerns

Chinese steel futures extended their rally in early trade to hit fresh peaks, boosted by strong domestic demand.

China commissioned 38.4 GW of new coal plants last year, more than offsetting the retirements achieved in the rest of the world.

The very low rate sale - done via a tender last week - comes as disruption to mine supply globally puts pressure on TC/RCs.

China commissioned 76% of the world’s new coal plants in 2020, up from 64% in 2019.

Steel prices also jumped to record highs, boosted by concerns over supply curbs.

Years of neglecting its critical metal supplies is catching up with the United States, as demand for the raw materials needed to build a new green economy that rejects fossil fuels gears up.

After years of ceding the EV battery business to foreign companies, Europe wants in.

Tesla delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles.

Global copper smelting slipped to the lowest levels in at least five years in March as top producer China failed to recover following the Lunar New Year holiday due to supply shortages.