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Markets

London copper jumps 1.5% as China's factory sector expands

  • LME nickel jumped 3.2% to $17,150 a tonne, while zinc advanced 1% to $2,778.50 a tonne.
04 Jan 2021

HANOI: Copper prices rose on Monday after data showed that factory activity in top consumer China had expanded, boosting confidence in the demand outlook, as the world's second-largest economy continues to recover from the coronavirus-led slump.

Three-month copper on the London Metal Exchange increased 1.4% to $7,875 a tonne by 0254 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange advanced 0.2% to 58,060 yuan ($8,947.73) a tonne.

The Caixin/Markit Manufacturing Purchasing Managers' Index was at 53.0 in December, well above the 50-level that separates growth from contraction, but down from November's 54.9, missing expectations and easing to the softest pace in three months.

FUNDAMENTALS

LME nickel jumped 3.2% to $17,150 a tonne, while zinc advanced 1% to $2,778.50 a tonne.

ShFE nickel climbed 2% to 126,810 yuan a tonne, and ShFE lead increased 1% to 14,890 yuan a tonne.

China's central bank issued a regulation on Thursday to cap property loans by banks, as authorities shift their attention back to debt risks and look to guard against any overlending to the property sector.

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