Copper advances as investors eye further US stimulus
- LME aluminium rose 0.5% to $2,044.50 a tonne, zinc advanced 0.4% to $2,842 a tonne .
HANOI: Prices of copper, often used as a gauge of global economic health, climbed on Thursday, with the London contract set for its third straight gain, as investors eyed more stimulus and support from the United States, the world's largest economy.
Three-month copper on the London Metal Exchange advanced 0.4% to $7,867 a tonne by 0249 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange was up 0.6% at 58,210 yuan ($8,910.69) a tonne.
Top US lawmakers sounded more positive than they have in months on a potential COVID-19 aid bill while the US Federal Reserve vowed to keep funneling cash into financial markets until the US economic recovery is secure.
FUNDAMENTALS
COPPER: Pan Pacific Copper sees copper prices to fall to between $6,500 and $7,000 a tonne in 2021 due to an expected surplus and on prospects of limited recovery in demand.
TIN: ShFE tin hit a 30-month high of 155,290 yuan a tonne and LME tin hovered around its highest since April 2019, as inventories in LME warehouses dropped to their lowest since June 23 of 3,070 tonnes.
LEAD: LME cash lead flipped to a premium of $4.25 a tonne over the three-month contract after staying in discount since mid-March, indicating tightening nearby supplies.
LME aluminium rose 0.5% to $2,044.50 a tonne, zinc advanced 0.4% to $2,842 a tonne and ShFE aluminium climbed 1.2% to 16,515 yuan a tonne, while ShFE nickel dropped 1.4% to 129,670 yuan a tonne.
Comments
Comments are closed.