COPPER: Peru’s finance minister said last Friday the country will step up copper production capitalizing on rising copper prices, wenhua.com reported.
Peru’s copper output jumped 38% year-on-year in October, mainly contributed by MMG’s Las Bambas and Freeport McMoRan Inc’s Cerro Verde copper mines.
Copper prices have been rising after Trump won US presidential election since the president-elect’s expected fiscal expenditure plan may drive up commodity prices.
Peru is expected to be the second largest copper producing country this year thanks to higher output.
Codelco’s chief executive officer (CEO) sees copper prices average $2.40 per pound in 2017, wenhua.com reported.
The price is above the price forecast by the Chilean Copper Commission (Cochilco).
Cochilco expects copper prices average $2.15 per pound and $2.20 per pound for 2016 and 2017, respectively.
Operating rate at Chinese copper plate/sheet, strip and foil producers is expected to fall 0.57 percentage point to 71.87% in December, according to the latest SMM survey.
Their orders were still brisk in Dec ember. But end-users had built stocks in the latter half of November. End-users remained on the sidelines after copper prices stabilized in December, precipitating the slight drop in their operating rate, SMM finds.
CRUDE OIL: Oil traders also used the correction in the dollar strength as an opportunity to push the oil prices higher and it trades above $53 as of this writing. As we have said before, we believe that the range between $55 and $60 will be the place where the oil prices are likely to settle down in the short and medium term as the agreement between the OPEC and non-OPEC producers to cut the oil production begins to take effect from January 2017.
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