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Monday, September 25, 2023

Copper prices slip as tepid demand, economic woes linger

BEIJING: London copper prices slipped on Friday, as demand concerns and a gloomy global economic outlook offset optimism from the US debt ceiling deal and a weaker dollar.

Three-month copper on the London Metal Exchange was down 0.4% at $8,212.50 a tonne by 0139 GMT, reversing gains from the previous session.

The contract was poised to close the week flat.

Global copper prices are set to fall to $7,000 per tonne in the second half of this year, Chinese research firm Antaike predicted, as heightened risks of recession and a lack of solid demand growth in top consumer China weighed.

The contract also faced a downside due to rising domestic supply on the back of ample raw material. Copper treatment and refining charges (TC/RCs) have been at a four-year high at $87.50 since last Thursday. Miners pay TC/RCs to smelters to process copper concentrate into refined metal, offsetting the cost of the ore.

The charges rise when more concentrate is available.

Among other metals, LME aluminium slid 0.2% at $2,277.50 a tonne, tin dipped 0.5% to $25,300, nickel eased 0.1% to $21,300, while zinc moved 0.5% up to $2,277.50 and lead climbed 0.3% to $2,004.50.

Copper rises as China posts surprising factory growth

The dollar was flat following a slump on Thursday after the US manufacturing data and comments by the Fed officials raised prospects that the US central bank will likely skip an interest rate hike at its upcoming meeting.

A weaker dollar makes the greenback-priced commodity more attractive for buyers.

The most-traded July copper contract on the Shanghai Futures Exchange was up 0.7% at 65,740 yuan ($9,510.86) a tonne.

SHFE aluminium gained 1.2% to 18,375 yuan a tonne, zinc ticked up 0.5% to 19,180 yuan, nickel jumped 3.3% to 161,980 yuan, tin added 1.2% at 209,360 yuan, while lead shed 0.6% to 15,045 yuan.

Copper prices slip as tepid demand, economic woes linger

Source: Brecorder

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