This Morning in Metals: LME copper price makes midweek gains

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This morning in metals news: the copper price inched upward Wednesday; U.S. coal-fired plants have been transitioning to natural gas; and Norilsk Nickel recently released its production results for the first half of the year.

Copper price rises

The price of copper on the LME gained Wednesday, Reuters reported, powered by stimulus expectations and a weaker dollar.

The U.S. dollar index dipped to 92.63 as of late Wednesday morning.

LME copper was up 1.1% to $6,523/mt on Wednesday, Reuters reported.

See why technical analysis is a superior forecasting methodology over fundamental analysis and why it matters for your copper buy.

Natural gas replacing coal

According to the Energy Information Administration (EIA), more than 100 coal-fired plants in the U.S. have been replaced or converted to natural gas since 2011.

Stricter emission standards, low natural gas prices, and more efficient new natural gas turbine technology contributed to the shift over time, the EIA reported.

Nornickel reports H1 2020 production results

Russian firm Norilsk Nickel reported production of all its key metals increased in the second quarter compared with the first. However, first-half production fell on a year-over-year basis.

Q2 2020 nickel output jumped 8% compared with the previous quarter, while H1 2020 nickel output fell 2% year over year.

Q2 palladium and platinum output rose 32%, while H1 output dropped 17%.

Copper output in Q2 rose 9% and H1 output fell 5%.

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