The Price Of Copper All Over China News
Written by JDPGlobal | Thursday, 01 December 2005
The last six months that went by has seen the price of Copper going high in New York on speculation that output growth would slow from China, (which is the producer of 13 per cent of the world’s refined copper), ever since the government tightened lending limits on new smelter projects.
Copper futures for March delivery rose by 5 cents, to $1.911 a pound over the Comex division of the Mercantile Exchange of New York, which is the leading percentage gain since Oct. 17. Prices went down by 2.7 percent last week. This happened when the exchange wasn’t opened for the Thanksgiving holiday.
In China now, smelters should utilise their own funds to give money for 35 per cent of the project cost, which has been increased from twenty per cent. This was said by the Beijing Antaike Information Development Co, by citing a paper issued this month by China’s Cabinet.
The price of copper has risen 32 per cent this year because of the global supply from mines and scraps yards has fallen short of demand since 2002. An analyst said that the move by China would reduce the production of refined copper and would also slow the supply growth.
