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 HG1! 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 HG1! 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 ALI1! rose 0.44% to $2,616.5 a ton, lead LEAD1! climbed 0.4% to $1,991.5, tin FTIN1! gained 0.99% to $35,145, zinc ZNC1! increased 0.56% to $2,796.5, and nickel NICKEL1! edged up 0.44% to $15,330.
SHFE aluminium ALI1! rose 0.14% to 20,740 yuan, nickel NICKEL1! climbed 0.78% to 121,220 yuan, tin FTIN1! increased 2.31% to 278,650 yuan, zinc ZNC1! edged 0.02% higher to 22,140 yuan, and lead LEAD1! closed flat at 16,880 yuan.
Source: Reuters