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

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 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 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 rose 0.44% to $2,616.5 a ton, lead climbed 0.4% to $1,991.5, tin gained 0.99% to $35,145, zinc increased 0.56% to $2,796.5, and nickel edged up 0.44% to $15,330.

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