METALS-Copper set for weekly gain as producers boost investment on clean energy demand

By Lucas Liew

Aug 29 (Reuters) - Coppper prices edged higher across major exchanges this week, supported by rising investments in copper production as producers position themselves to meet rising demand from the global transition to cleaner energy technologies.

Three-month copper on the London Metal Exchange CMCU3 was up 0.3% at $9,847.5 per metric ton, as of 0229 GMT, has gained 0.53% so far this week.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.43% to 79,160 yuan ($11,066.84) a ton, and is poised to end the week 0.57% higher.

Harmony Gold, South Africa's largest gold producer, is accelerating plans to diversify into copper, recognising the metal's pivotal role in the global shift towards cleaner energy.

This decision follows Harmony's agreement to buy Australian miner Mac Copper, with the deal expected to be completed in October, and its earlier acquisition of the Eva Copper project in 2022.

Amid a broader rally in base metals, aluminium prices rose as producers warned of supply constraints following Beijing's decision to cap aluminium smelting capacity to rein in power consumption and emissions, reducing the availability of cheap, low-cost subsidised smelters in China, said analysts from ANZ.

Meanwhile, elevated energy prices outside China are presenting further challenges for producers, limiting additions to global aluminium capacity in the second half of 2025, ANZ added.

Among other London metals, aluminium CMAL3 rose 0.23% to $2,611 a ton, lead CMPB3 climbed 0.2% to $1,987.5, tin CMSN3 gained 0.11% to $34,840, and zinc CMZN3 increased 0.02% to $2,781.5, while nickel CMNI3 lost 0.02% to $15,260.

SHFE aluminium SAFcv1 rose 0.05% to 20,720 yuan, nickel SNIcv1 climbed 0.38% to 121,220 yuan, and tin SSNcv1 increased 0.51% to 273,750 yuan, while lead SPBcv1 eased 0.27% to 16,835 yuan and zinc SZNcv1 weakened 0.29% to 22,070 yuan.

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DATA/EVENTS (GMT)
1200 Germany CPI Prelim YY August

1200 Germany HICP Prelim YY August

1230 US Consumption, Adjusted MM July

1230 US Core PCE Price Index MM, YY July

1230 US PCE Price Index MM, YY July

1400 US U Mich Sentiment Final August

($1 = 7.1529 Chinese yuan)

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