London copper rises over 1 pct as market recovers from 3-mth low

Madiha Shakeel December 27, 2018

SINGAPORE: London copper prices rose more than 1 percent on Thursday to rebound from their lowest in three months on the back of a rally in financial and commodity markets, although gains were capped by global growth concerns.

Asian shares on Thursday rode a dramatic surge on Wall Street as markets, hammered by recent political and economic gloom, cheered upbeat U.S. data and the Trump administration’s effort to shore up investor confidence.

COPPER: Three-month copper on the London Metal Exchange  had climbed 1.1 percent to $6,019 a tonne by 0725 GMT, while the most-traded copper contract on the Shanghai Futures Exchange rose 0.7 percent to 48,280 yuan ($7,004.11) a tonne.

THREE-MONTH LOW: LME copper declined to $5,941 a tonne on Monday, its weakest since Sept. 18.

MARKETS: Oil and equity markets jumped on Wednesday, driven by the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.

FINANCING: Russia’s Baikal Mining Co, operator of a large Udokan copper deposit, has agreed $1.25 billion of project financing from banks, Alisher Usmanov, who owns this company, told reporters in Moscow on Wednesday.

NICKEL: A global nickel market deficit will nearly halve to 49,000 tonnes in 2019 from 93,000 tonnes this year on higher output of primary metals by global suppliers and of lower-grade nickel pig iron (NPI) in Indonesia, Sumitomo Metal Mining  said on Tuesday.

Copyright Reuters, 2018

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