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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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Copper edges higher as U.S. dollar weakens

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08/17/2020 | 10:48pm EDT

Aug 18 (Reuters) - Copper prices rose on Tuesday, as a weakening U.S. dollar made greenback-denominated metals more attractive to buyers using other currencies.

Three-month copper on the London Metal Exchange rose $0.3% to $6,467 a tonne by 0236 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 1.3% to 51,060 yuan ($7,367.43) a tonne.

The U.S. dollar teetered near milestone lows, after a triple blow of retreating yields, soft U.S. economic data and a dip in safe-haven demand exerted broad selling pressure.

FUNDAMENTALS

* Nickel ore at 14 Chinese ports edged up to 7.99 million tonnes as of Aug. 7, highest since June 28, latest data by research house Antaike provided on Refinitiv Eikon showed.

* Nickel pig iron prices in Inner Mongolia with 10-15% nickel content <NPI-INRMON-ANT> rose to 1,030 yuan a tonne, highest since December 2019, Antaike data showed.

* Chinese 300-series stainless steel prices <SSPR-3042B-ANT> rose to their highest since Feb. 21 at 14,500 yuan a tonne.

* Chinese domestic aluminium ingots prices <SMM-ALU-ING> fell to their lowest since July 21 at 14,420 yuan a tonne.

* The Asia Copper Week gathering of miners, traders and smelters of the metal in Shanghai in November has been cancelled this year, its Chilean organiser said, joining a long list of events to fall victim to the coronavirus outbreak.

* ShFE zinc jumped 1.7% to 19,860 yuan a tonne while LME zinc hit a nine-month high at $2,460 a tonne.

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

MARKETS NEWS

* Asian equities were poised to track Wall Street's tech fueled rally that saw the Nasdaq benchmark hit a fresh record while oil prices perked up on Chinese demand and hopes Sino-U.S. trade tensions were easing.

DATA/EVENTS (GMT)

1230 US Housing Starts Number July

($1 = 6.9305 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)


Stocks mentioned in the article
ChangeLast1st jan.
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. 0.69% 42.14 End-of-day quote.36.20%
LONDON BRENT OIL 2.02% 42.45 Delayed Quote.-35.20%
NASDAQ COMP. 0.14% 11502.962701 Delayed Quote.28.00%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.43% 6.6693 Delayed Quote.-4.58%
WTI 1.86% 40.62 Delayed Quote.-35.02%
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