Copper rises on global economic recovery hopes
- LME copper inventories fell for the second straight session, albeit only slightly, while the premium of cash copper over the three-month contract rose to $16 a tonne, indicating tightening nearby supplies.
HANOI: Copper prices rose on Monday on hopes of a global economic recovery from the COVID-19 pandemic against the backdrop of accelerating vaccine roll-outs and more countries emerging from lockdowns.
Three-month copper on the London Metal Exchange rose 0.4% to $9,251 a tonne by 0401 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange dipped 0.2% to 68,680 yuan ($10,526.15) a tonne.
Governments of major economies have so far signalled stable policy outlook to nurture their recovery from the impacts of the pandemic, while more people are getting vaccinated against the novel coronavirus.
LME copper inventories fell for the second straight session, albeit only slightly, while the premium of cash copper over the three-month contract rose to $16 a tonne, indicating tightening nearby supplies.
However, stockpiles of copper in ShFE warehouses continued to rise, hitting their 11-month high of 202,464 tonnes at the end of last week, while Yangshan premium was hovering near a five-month low at $50 a tonne.
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