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Wednesday, December 6, 2023

London copper rebounds from 1-month low as dollar eases

London copper prices bounced on Wednesday from a one-month low hit in the previous session, as a weaker US dollar made the greenback-priced metal cheaper to holders of other currencies.

Three-month copper on the London Metal Exchange rose 1% to $8,429 per metric ton by 0331 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange fell 0.6% to 68,460 yuan ($9,499.10) per metric ton, tracking overnight losses in London.

LME aluminium rose 0.7% to $2,216 per metric ton, nickel edged up 0.4% at $20,920, zinc advanced 0.8% to $2,476, lead increased 0.4% to $2,133, and tin was up 0.4% at $27,405.

SHFE nickel fell 0.8% to 165,400 yuan per metric ton, zinc eased 0.3% to 20,830 yuan, lead edged down 0.1% at 15,960 yuan, tin dropped 1% to 226,010 yuan, while aluminium was flat at 18,490 yuan.

The dollar index edged lower, after a rally in the previous session on safe-haven demand spurred by weak China economic data.

Copper skids to lowest in almost a month on Chinese trade data

Worries about the global economy flared up after Chinese data showed imports and exports in the world’s biggest metals consumer contracted much faster than expected in July.

The data checked a rally in metals prices while raising hopes for more stimulus measures from the Chinese government. Low visible copper inventories in China also weighed on metals prices.

As of Tuesday, the LME cash zinc contract was at a $30.25-per-metric-ton premium over the three-month contract, switching from the discount zone seen most of the time since late April and indicating nearby supply tightness.

London copper rebounds from 1-month low as dollar eases

Source: Brecorder

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