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Markets

Copper prices buoyed by bargain hunters, U.S. data

  • LME aluminium rose 1.8pc to $2,557.50 a tonne, zinc was little changed at $2,939, lead advanced 1.5pc to $2,304, nickel firmed 1.3pc to $18,345 and tin climbed 1pc to $31,600.
02 Jul, 2021

LONDON: Copper prices ticked higher on Friday as some investors regarded the recent downturn as a buying opportunity and after upbeat U.S. jobs data.

Three-month copper on the London Metal Exchange (LME) had gained 0.6pc to $9,381 a tonne by 1600 GMT after dropping by about 9pc in June. In the United States, Comex copper climbed 1.1pc to $4.28 a lb.

"There's been a cooling down in recent weeks, but that's a bit overdone. This is potentially a good bargain-hunting opportunity and we've seen a bit more interest in recent days with these dips," said Nitesh Shah, commodity strategist at WisdomTree, a provider of exchange-traded funds.

"We're in the midst of an economic recovery that's largely fuelled by huge monetary growth and strong fiscal stimulus, which is infrastructure focused and metals intensive."

The most-traded August copper contract on the Shanghai Futures Exchange closed 0.7pc down at 68,260 yuan ($10,531.84) a tonne for a 0.9pc decline over the week.

Metals prices rose after data showed U.S. job growth accelerated in June, offering tentative signs that a worker shortage could be starting to ease.

The Yangshan copper premium fell to $21.50 a tonne, hovering around its lowest since February 2016, indicating subdued demand for imported metal.

Global copper smelting activity slipped in June as Chinese plants closed for maintenance, having rebounded the previous month, data from satellite surveillance of copper plants showed.

Helping support prices was a reversal in the dollar , which earlier hit a three-month high against other major currencies, but later edged lower, making metals priced in the U.S. unit cheaper for holders of other currencies.

LME aluminium rose 1.8pc to $2,557.50 a tonne, zinc was little changed at $2,939, lead advanced 1.5pc to $2,304, nickel firmed 1.3pc to $18,345 and tin climbed 1pc to $31,600.

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