Regarding the new prices for natural gas transmission services
Copper rises with industrial metals as supply threatens to rally
(Bloomberg) – Copper has hit a record high as the potential for stricter regulations and higher taxes in Chile fuels concerns about long-term supply prospects. Zinc has surged amid speculation over China’s production disruptions as the world’s largest copper producer just elected an assembly that puts drafting of a new constitution largely in the hands of the left wing . The roster is likely to leave miners facing stricter environmental and mining rights rules, and it could add momentum to a bill that would create one of the heaviest tax burdens in the world. global industry. In Peru, the main presidential candidate wants to impose a tax on copper sales, adding to concerns about tight supply as demand increases. More immediately, the threat of work disruptions hangs in the market after BHP Group requested a mediation process to avoid a strike at a remote operations center in Santiago that serves the Escondida and Spence copper mines. last week, as China stepped up efforts to quell the commodity boom that is fueling global inflation fears. Citigroup Inc. recommended buying on the dips because Beijing could “easily run out of options” to contain costs without turning around in the ongoing crackdown on domestic production for environmental control purposes, energy and security. -turn anytime soon given the strategic priority of these agendas, âwrote analysts, including Tracy Liao, in a note. The measures taken by the country to curb prices appear “temporary”, with a potential exhaustion of policy options that could lead to a new wave of higher commodity prices, fueled by strong global demand for end-use and continued restrictions on the domestic supply of certain products, they wrote. According to Li Wenchang, analyst at researcher Mysteel, foundries in Yunnan province of China are cutting production to their highest level since June 2018. Major foundries have been urged to cut energy consumption by 10%, which could result in a reduction of about 10% in refined zinc capacity, according to estimates from Beijing Antaike Information Development Co. Yunnan, the monthly production of refined zinc from Beijing Antaike Information Development Co. Yunnan was about 75,000 tons, according to Antaike. China’s monthly production is around 600,000 tons. The Yunnan Provincial Development and Reform Commission did not immediately respond to a fax asking for comment: Copper rose 1.5% to $ 10,525 per tonne before offsetting some gains to trade at $ 10,425 at 3:38 p.m. on the London Metal Exchange. Zinc gained 3.1% to $ 3,108.50 and nickel climbed 1.7%.