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Saturday, November 25, 2023

Copper prices retreate

LONDON: Copper prices retreated on Monday as the market fretted over demand in top consumer China and rising inventories in London Metal Exchange-registered warehouses, though losses were capped by a softer dollar.

Traders said volumes were subdued because of the Labour Day holiday in the United States. Benchmark copper on the LME traded 0.9% down at $8,425 a metric ton in official rings. Prices of the industrial metal touched a four-week high of $8,599 on Friday after a survey showed China’s factory activity expanded in August.

On the technical front, copper faces upside resistance around $8,590, where the 200-day moving average sits. Strong support comes in at $8,430-$8,440, between the 50-day and 100-day moving averages. Elsewhere, large holdings of LME warrants and cash contracts have fuelled worries about the availability of lead on the LME market.

Three-month lead was down 1.5% at $2,214.5 a ton. In other metals, aluminium ceded 1.8% to $2,196, zinc slipped 0.4% to $2,476, tin was up 0.3% at $25,890 and nickel fell 1.7% to $20,725. Nickel prices on the Shanghai Futures Exchange rose to 175,740 yuan, their highest in nearly four months, on concern over supplies after top exporter Indonesia delayed issuing mining quotas.

Copper prices retreate

Source: Brecorder

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