METALS-Shanghai copper posts weekly gain as producers boost investments on clean energy demand

By Lucas Liew

Aug 29 (Reuters) - Shanghai copper prices ended the week higher, underpinned by increased 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 0.57% at $9,873.5 per metric ton, as of 0706 GMT on Friday, and has gained 0.81% so far this week.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 climbed 0.75% to 79,410 yuan ($11,101.79) a ton, ending the week 0.64% 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 0.44% to $2,616.5 a ton, lead CMPB3 climbed 0.4% to $1,991.5, tin CMSN3 gained 0.99% to $35,145, zinc CMZN3 increased 0.56% to $2,796.5, and nickel CMNI3 edged up 0.44% to $15,330.

SHFE aluminium SAFcv1 rose 0.14% to 20,740 yuan, nickel SNIcv1 climbed 0.78% to 121,220 yuan, tin SSNcv1 increased 2.31% to 278,650 yuan, zinc SZNcv1 edged 0.02% higher to 22,140 yuan, and lead SPBcv1 closed flat at 16,880 yuan.

For the top stories in metals and other news, click

TOP/MTL or MET/L

($1 = 7.1529 Chinese yuan)

 For related news and prices, click on the codes in brackets: LME price overview      RING= COMEX copper futures  0#HG: All metals news         MTL   All commodities news      C 
 Foreign exchange rates FX=SPEED GUIDES LME/INDEX