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SINGAPORE: Copper prices lost ground on Monday, with the market easing back from last session’s two-week high on concerns a trade deal between the United States and China may not be done soon.
Industrial metals had rallied on Friday on hopes of a trade deal between the two countries, but uncertainty emerged following comments from a senior White House economic adviser.
“There was some lingering doubt after Trump’s economic adviser (Larry) Kudlow said a trade deal was not imminent,” ANZ bank said in a note.
Helen Lau, an analyst at Argonaut Securities said: “There is possibility for copper prices to go higher if there is some breakthrough in the trade talks.”
COPPER: Three-month copper on the London Metal Exchange slid 0.6 percent to $6,246.50 a tonne by 0326 GMT, after climbing on Friday to its highest since Oct. 22 at $6,315. The most-traded copper contract on the Shanghai Futures Exchange rose 1.2 percent to 49,930 yuan ($7,225.86) a tonne.
RALLY: Copper and other commodity markets gained at the end of last week on optimism following a phone call between U.S. President Donald Trump and Chinese President Xi Jinping.
DOUBTS: But doubts emerged after White House economic adviser Larry Kudlow later told CNBC that Trump had not asked for a plan. Kudlow said he was less optimistic than he was previously about reaching a deal with China.
JOBS: There was additional support for copper on Friday after government data showed U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years.
STOCKS: On-warrant copper stocks available to the market in LME-approved warehouses jumped 78 percent, or 44,950 tonnes, to 102,600 tonnes.
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Source: Brecorder
