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Friday, January 27, 2023

Copper holds around 6-1/2-month highs on demand cheer, subdued dollar

BEIJING: Copper prices on Wednesday hovered near 6-1/2-month highs touched in the previous session, helped by hopes of better demand for the metal after top consumer China reopened its economy, with a shaky dollar also lending support.

Three-month copper on the London Metal Exchange gained 0.2% to $8,926 a tonne by 0200 GMT, the highest since June 22.

The most-traded February copper contract on the Shanghai Futures Exchange was up 1.5% at 67,530 yuan a tonne, an eight-week high.

A raft of policy measures from Beijing to revive its economy and its ailing property sector have boosted investors’ sentiment, although spot demand for the metal has been limited ahead of the Lunar New Year starting from Jan. 21.

Aiding prices further, the US dollar index hovered around a seven-month low, making it more attractive for non-dollar holders to buy the greenback-priced commodity.

Global investors now eyed US inflation data due later this week for more clues on interest rate hikes prospects.

Some traders expect a less aggressive Federal Reserve stance.

LME copper slips from 6-month high as demand outlook in focus

Among other metals, LME aluminium dipped 0.4% to $2,455 a tonne, zinc climbed 0.4% to $3,173.50, lead fell 0.9% to $2,180 and tin added 0.2% to $25,920.

SHFE lead declined 0.8% to 15,430 yuan a tonne, zinc dipped 0.2% to 23,745 yuan, while tin was up 1.3% at 207,890 yuan a tonne.

Aluminium rose 0.4% to 18,225 yuan.

Copper holds around 6-1/2-month highs on demand cheer, subdued dollar

Source: Brecorder

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