Current prices of non-ferrous metals grew on Monday during the Asian session, as authorities in China extended restrictions on electricity consumption, which reinforced concerns about the prospects of supply, reported Reuters. In this case, the ongoing measures to soften monetary policy in the world’s second-largest economy strengthened hopes for a recovery in demand for base metals.

Prices of non-ferrous metals and alloys

As of 05.10 GMT, three-month copper futures on the LME were up 0.2% to $8093 per ton, while the most actively traded September copper futures on the Shanghai Futures Exchange (SHFE) were up 1.4% to 63,090 yuan ($9242.60) per tonne.

Authorities in Chinese Sichuan province extended restrictions on electricity consumption by companies in the manufacturing sector until August 25, according to the Caixin agency. Such measures were taken due to the reduction in power generation by hydroelectric power plants and an increase in demand for electricity from households in the conditions of a long period of hot weather.

Some other provinces in the country, including Anhui, Zhejiang and Jiangsu provinces, have also experienced power outages. but so far this has not had a significant impact on the pace of base metal production.

Earlier we reported that the U.S. military, with the participation of the Kurds, removed 137 tanks of oil from Syria.