Home Business Copper rises as markets cheer China’s pledge to support economy

Copper rises as markets cheer China’s pledge to support economy

3 min read
Comments Off on Copper rises as markets cheer China’s pledge to support economy


Article content

BEIJING — Copper climbed on Monday as traders found comfort in top metals consumer China’s pledge to stabilize its COVID-ravaged economy, while tight global supply also supported prices.

Three-month copper on the London Metal Exchange rose 1.4% to $8,384.50 a tonne by 0152 GMT, after a weekly loss driven by a hawkish U.S. Federal Reserve that lead to fears that longer interest rate hikes would exacerbate demand for metals.

Article content

Meanwhile, the most-traded January copper contract on the Shanghai Futures Exchange was up 0.4% at 65,710 yuan ($9,423.49) a tonne.

Article content

China will focus on stabilizing its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said a statement last Friday following an agenda-setting meeting attended by President Xi Jinping and his senior officials.

Tight stockpiles also lent some support, traders said.

Copper inventories in warehouses monitored by SHFE fell 18.5% week-on-week to 64,041 tonnes last Friday.

Copper stocks on the LME warehouses ticked 375 tonnes higher to 84,100 tonnes last Friday, but were more than halved from 180,925 tonnes seen in May.

Among other metals, LME aluminum climbed 1.2% at $2,402.5 a tonne, zinc added 1.5% to $3,062.5, and lead gained 0.5% to $2,163, and tin advanced 1.7% at $23,940.

China’s aluminum imports in November fell 35.7% from a year earlier as a result of mounting domestic supply, also as the COVID-hit economy continued to temper demand for the light metal.

SHFE aluminum dipped 0.3% to 18,695 yuan a tonne, tin added 1% to 194,160 yuan, zinc fell 1.2% to 23,980 yuan and nickel slid 0.6% to 216,470 yuan.

For the top stories in metals and other news, click or

($1 = 6.9730 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Sherry Jacob-Phillips)


Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

When is the Right Time of Year to Transport Your Vehicle?

Transporting a vehicle can be a stressful experience, especially if you are unsure about t…