Copper rises on stronger risk appetite, China's vow to stabilize economy - Financial Post | Canada News Media
Connect with us

Economy

Copper rises on stronger risk appetite, China's vow to stabilize economy – Financial Post

Published

 on


Article content

Copper prices rose on Monday helped by firmer risk appetite, while top consumer China’s pledge to focus on economic stability also bolstered demand outlook for the metal.

Three-month copper on the London Metal Exchange was up 0.3% at $9,533 a tonne, as of 0640 GMT. The most-traded January copper contract on the Shanghai Futures Exchange was steady at 69,440 yuan ($10,914.29) a tonne.

“Slowdown in the China property starts, impact of new COVID-19 variants on growth ex-China will hamper demand for metals at the beginning of 2022,” Citi analysts said in a note.

Article content

“But we expect easing of the supply chain bottlenecks and potential small increase in credit impulse in China in the second half – which should be supportive for demand.”

China said it would implement a prudent monetary policy and a proactive fiscal policy to stabilize the economy and keeping growth within a reasonable range in 2022.

On-warrant LME inventories rose to 78,300 tonnes, their highest in more than two months, but were still down 67% from August high of 238,725 tonnes.

Asian stocks rose with investors seemingly confident that markets can weather whatever comes from a host of central bank meetings this week, including the likely early end to U.S. policy stimulus.

Focus was on the U.S. Federal Reserve’s policy meeting, due on Dec. 14-15, where the central bank is widely expected to signal faster tapering of its asset buying program and an early start to rate hikes.

Article content

FUNDAMENTALS

* LME aluminum was up 1.6% at $2,647 a tonne, zinc rose 0.4% to $3,343, nickel gained 0.5% to $19,850 a tonne and lead was 0.8% at $2,302.5 a tonne.

* ShFE aluminum rose 1.7% to 19,150 yuan a tonne, nickel fell 0.4% to 144,970 yuan a tonne and lead climbed 1.8% to 15,730 yuan a tonne.

* China’s major copper smelters boosted output by 1.3% in November from the previous month as fewer producers carried out maintenance and power supply shortages eased, state-backed research house Antaike said on Friday.

* Major copper miners and Chinese smelters have moved closer to agreement on treatment and refining charges (TC/RC) for 2022, two sources with knowledge of the talks said on Friday.

* MMG Ltd’s Las Bambas copper mine has increased its offer of jobs and investment to a Peruvian province blockading a road used to transport the red metal in a bid to stave off a production shutdown next week, meeting minutes seen by Reuters show.

* For the top stories in metals and other news, click or

($1 = 6.3623 Chinese yuan renminbi) (Reporting by Eileen Soreng in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)

Adblock test (Why?)



Source link

Continue Reading

Economy

Minimum wage to hire higher-paid temporary foreign workers set to increase

Published

 on

 

OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.

Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.

The change is scheduled to come into force on Nov. 8.

As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.

The program has also come under fire for allegations of mistreatment of workers.

A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.

In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.

The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.

According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.

The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.

Temporary foreign workers in the agriculture sector are not affected by past rule changes.

This report by The Canadian Press was first published Oct. 21, 2024.

— With files from Nojoud Al Mallees

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

Published

 on

 

OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Statistics Canada says levels of food insecurity rose in 2022

Published

 on

 

OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version