BEIJING: Shanghai copper prices climbed slightly on Monday, supported by Beijing’s latest measures to boost its stock market, though concerns about more interest rate hikes by the US Federal Reserve capped gains.
The most-traded October copper contract on the Shanghai Futures Exchange ended day-time trade 0.1% higher at 68,900 yuan ($9,446.77) per metric ton, after a 1.1% climb in the previous week.
Fed Chair Jerome Powell said on Friday that the central bank would keep the door open to further rate hikes to combat still-high inflation.
Investors are awaiting reports on payrolls, core inflation and consumer spending this week for clues on the Fed’s rate hike trajectory.
SHFE weekly copper stocks data showed a 3.5% increase last week, while still at a 10-month low level.
SHFE aluminium nudged 0.2% up to 18,585 yuan a ton, zinc rose 0.3% to 20,610 yuan, while tin slid 1.5% at 213,010 yuan, lead shed 0.5% to 16,330 yuan and nickel lost 1.2% to 167,070 yuan.
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