Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

SummaryChartsNews 
SummaryMost relevantAll NewsMarketScreener Strategies
The feature you requested does not exist. However, we suggest the following feature:

Copper creeps higher on bargain hunting, more losses expected

share with twitter share with LinkedIn share with facebook
10/27/2020 | 07:05am EDT

LONDON, Oct 27 (Reuters) - Copper prices edged higher on Tuesday on light bargain-hunting after three sessions of declines, but more losses were expected as rising COVID-19 cases threatened the global economy.

Volumes were light as investors waited for results from a meeting this week on China's new five-year plan that is expected to be positive for metals demand.

Three-month copper on the London Metal Exchange was up 0.2% at $6,795 a tonne by 1710 GMT, after retreating in recent days from a surge above the $7,000 level last week to its highest in 28 months.

"I think there is more downside for copper, and the biggest risk for metals right now is a stronger dollar due to uncertainty building on many fronts," said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.

"But in the mid- to long-term, whether Trump or Biden is president, the outlook is positive for metals."

The most-traded December copper contract on the Shanghai Futures Exchange closed down 0.5% at 51,650 yuan ($7,705.62) a tonne.

"The biggest factor is macro uncertainty as well as rising COVID-19 cases, which also cast a shadow on the economic recovery," said a Singapore-based copper analyst.

"The U.S. election could add to the risk aversion, while hopes on the stimulus bill (have) also faded."

* The discount of cash LME nickel to the three-month contract <CMNI0-3> fell to $32.50 a tonne, the weakest since early September, indicating less availability of metal in LME warehouses.

* COLUMN: Nickel surplus looms as electric vehicle buzz fades

* The net long speculative position in LME aluminum had dipped to 5.2% of open interest as of last Thursday compared to 6.6% on Oct. 19, which was the strongest since April 2018, broker Marex Spectron said in a note.

* LME aluminum fell 0.3% to $1,823 a tonne, zinc rose 0.3% to $2,547, lead slipped 0.03% to $1,780 and nickel gained 1.5% to $15,890.

* Tin added 0.2% to $18,090, after hitting its lowest since Oct. 5 on Monday.

* For the top stories in metals and other news, click or

($1 = 6.7029 yuan) (Additional reporting by Mai Nguyen; Editing by Jan Harvey and Barbara Lewis)


Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.06% 6.713 Delayed Quote.-3.48%
share with twitter share with LinkedIn share with facebook
All news about LME COPPER CASH
10/27Copper creeps higher on bargain hunting, more losses expected
RE
10/27London copper rebounds on dollar weakness; virus, U.S. stimulus concerns cap ..
RE
10/26Copper dips on virus fears, U.S stimulus aid uncertainty
RE
10/26CHINA'S NEW INTERNATIONAL COPPER CON : Russell
RE
10/26MMG says Las Bambas copper shipments back to normal, cuts 2020 guidance
RE
10/26Copper falls for third session on profit taking, COVID worries
RE
10/26CHINA'S NEW INTERNATIONAL COPPER CON : Russell
RE
10/26Copper at lowest in nearly a week on rising virus cases, stronger dollar
RE
10/25Copper dips as virus cases surge, dollar firms
RE
10/23COPPER WINS LONDON METAL EXCHANGE WE : Andy Home
RE
More news
Chart LME COPPER CASH
Duration : Period :
LME Copper Cash Technical Analysis Chart | MarketScreener
Full-screen chart