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Friday, December 1, 2023

Copper edges higher

LONDON: Copper prices edged higher in London on Tuesday as the dollar index weakened but remained under pressure from concerns about global demand and worries about China’s property.

Three-month copper on the London Metal Exchange was up 0.1% to $7,987.5 per metric ton by 1442 GMT. “Demand outside China is in pretty poor state, and the LME Week last week was probably a chance for people to realise it more widely,” said Dan Smith, head of research at Amalgamated Metal Trading.

The US retail sales data earlier cemented expectations that economic growth accelerated in the third quarter, and production at US factories increased more than expected.

Zinc inventories in the LME-registered warehouses continued to decline after recent sharp growth, falling by 1,600 tons to a three-month low of 81,850 tons, the LME daily data showed. Lead gained 1.8% to $2,110.

The LME stocks extended their growth with 10,750 tons of arrivals to 105,625 tons, the strongest since May 2021. Tin was up 0.2% at $25,300, and nickel fell 0.2% to $18,570.

Copper edges higher

Source: Brecorder

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