Home Business Copper stuck in tight range as China data weighs

Copper stuck in tight range as China data weighs

2 min read
Comments Off on Copper stuck in tight range as China data weighs
0
36

[ad_1]

Article content

BEIJING — Copper prices were stuck in a tight range on Wednesday as market participants digested weaker-than-expected China economic data, while hopes grew that Beijing would loosen its strict COVID-19 restrictions.

Three-month copper on the London Metal Exchange was up 0.2% at $8,050 a tonne by 0207 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange dipped 0.1% to 64,790 yuan ($9,065.72) a tonne.

Article content

China’s factory activity contracted at a faster pace in November, an official survey showed. The official manufacturing purchasing managers’ index stood at 48.0 against a 49.2 reading in October, the National Bureau of Statistics said. Economists in a Reuters poll had expected the reading to come in at 49.0.

Article content

Globally, investors were awaiting Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path.

The dollar index has fallen from a 20-year high hit on Sept. 28, supporting metals prices as it becomes cheaper for non-dollar holders to buy the greenback-priced commodities.

Meanwhile, a trucker strike in Chile that started last week ended on Tuesday after trucker groups signed an agreement with business organizations and the government to improve conditions.

Among other metals, aluminum held at $2,380 a tonne, zinc added 0.4% to $2,946 a tonne and lead climbed 0.4% to $2,142.5 a tonne, and tin was unchanged at $22,788 a tonne.

SHFE aluminum fell 0.7% to 18,820 yuan a tonne, nickel jumped 3% to 199,460 yuan a tonne, zinc was down 0.6% at 23,795 yuan a tonne, and tin climbed 0.2% to 185,140 yuan a tonne.

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

($1 = 7.1467 Chinese yuan) (Reporting by Beijing Newsroom; Editing by Subhranshu Sahu)

[ad_2]

Source link

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

Check Also

China’s Jan factory activity contracts at slower pace – Caixin PMI

[ad_1] Breadcrumb Trail Links PMN Business Article content BEIJING — China’s factory activ…