This Morning in Metals: Copper prices surge to eight-month high
This morning in metals news, the price of copper has surged to an eight-month high, Nucor earlier this month announced a new coil paint line and iron ore prices were also up on the final Friday of 2019.
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Copper prices rise
On this final Friday of the year, copper prices are up to their highest level in eight months, Reuters reported.
According to the report, LME three-month copper jumped 0.7% to $6,256 per ton.
Nucor to add new Arkansas coil paint line
Earlier this month, Nucor Corporation announced it would be adding a new coil paint line at its sheet mill in Mississippi County, Arkansas.
According to the company, the new line is expected to come onstream as of the first half of 2022 and will have a capacity of 250,000 tons per year.
Nucor’s Arkansas facility produced hot-rolled sheet steel for a wide range of applications, including automotive, appliances and construction, among others.
Iron ore up on China’s lifting of anti-smog alert
According to another Reuters report, iron ore futures received a boost when China’s top steelmaking city, Tangshan, lifted anti-smog measures.
The lifting of the measures is expected to lead to increased demand for the steelmaking raw material iron ore.
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The most-traded iron ore contract on the Dalian Commodity Exchange jumped 1.2% to 642.50 yuan per ton ($91.83), according to Reuters.
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