Copper prices rebounded on Thursday after traders squared positions ahead of a long public holiday in China, but a firm dollar weighed on the rally.
Three-month copper on the LME rose 0.6% to $8,160.50 per metric ton by 0719 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange increased 0.1% to 67,240 yuan ($9,206.17) a ton.
Both contracts were falling earlier in the session when traders in China squared positions before the country went on holiday during Sept. 29-Oct. 8, said a trader.
The US dollar index hovered around the highest level since Nov. 30, making the greenback-priced metal more expensive to holders of other currencies. Copper stockpiles in LME-registered warehouses have nearly tripled since July to 167,850 tons, the highest since May 2022.
LME nickel rose 0.5% to $19,100 a ton, having hit the lowest since July 2022 of $18,555 a ton in the previous session.
nventories in LME warehouses jumped to 41,628 tons, the highest since April 19.
China’s property market troubles keep copper near four-month low
LME aluminium rose 0.6% to $2,250.50 a ton, lead increased 0.3% to $2,159, tin edged down 0.2% to $25,600, while zinc advanced 1.5% to $2,514.50.
SHFE zinc fell 0.1% to 21,570 yuan, lead declined 1.3% to 16,490 yuan, tin shed 1.3% to 217,200 yuan, while aluminium rose 0.3% to 19,445 yuan and nickel was almost flat at 151,910 yuan.
Comments
Comments are closed.