The base metals markets suggested that the Chinese economy is still strong yesterday, with copper futures in Shanghai hitting a fresh all-time record after stockpiles fell 24 percent last week. There is also speculation that the government’s State Reserve Bureau may buy 10,000 tons of copper after certain contracts expire on April 15. Spot copper prices also gained yesterday, adding 2 cents, to a current $1.5557/lb. The move led base metals higher across the board, with nickel gaining more than $0.20 to a current $7.5184/lb and aluminum rising three-quarters of a cent to $0.8907/lb.
There was also word yesterday that base metals may hold the key to solving America’s nuclear waste problems. Researchers at Lehigh University, Sandia National Laboratory and Idaho National Laboratory jointly reported the development of a new nickel-based alloy that absorbs dangerous neutrons emitted by radioactive materials. The metal, which also contains gadolinium, could be used to contain and store nuclear by-products.
If the nickel alloy does prove effective, China may be stepping up as a major buyer after the country’s Commission of Science, Technology and Industry for National Defense announced yesterday that the Chinese nuclear power sector will build 40 nuclear power generation units over the next 15 years. “Nuclear power will become the pillar of energy supply in coastal areas of east China,” deputy director of system engineering Zhang Fubao said, according to Xinhua. “By 2020, the generating capacity of China's nuclear power sector is to reach 40 million kw, accounting for four percent of the total installed power generating capacity in the country.”
MRE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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