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Copper near 7-year high as vaccine, U.S. political stability boost sentiment

11/25/2020 | 12:48am EST

Nov 25 (Reuters) - Copper prices hovered around a near seven-year peak on Wednesday, as sentiment was lifted by prospects of U.S. political stability, development of coronavirus vaccines and demand from China.

Three-month copper on the London Metal Exchange rose as much as 0.9% to $7,360 a tonne, a level unseen since January 2014, during Asian trading hours before dipping 0.1% to $7,287 a tonne at 0740 GMT.

The most-traded January copper contract on the Shanghai Futures Exchange ended up 0.7% at 54,550 yuan ($8,291.41) a tonne, after hitting its highest since Feb. 6, 2018 at 55,100 yuan a tonne earlier in the session.

"High frequency data still suggest further upside for copper, though any disappointments on vaccine or U.S. stimulus package can trigger profit booking," said ANZ commodities strategist Soni Kumari.

"We see copper prices heading towards $8,000 a tonne next year."

U.S. President-elect Joe Biden began his transition to the White House, bringing an end to weeks of political uncertainty, while investors expected his $2-trillion climate plan to boost copper demand.

Investor sentiment was also supported by developments on a COVID-19 vaccine front, with positive trial results reported by three major drug companies.

Copper stocks in ShFE warehouses <CU-STX-SGH> were at their lowest since December 2014 at 96,766 tonnes and premiums for imported copper into China <CU-BMPBW-SHMET> were at a one-month high of $53 a tonne, indicating solid demand.


* The global zinc market surplus in September rose to 33,100 tonnes from 31,500 tonnes in August, data from the International Lead and Zinc Study Group showed.

* ShFE aluminium hit its highest since Nov. 1, 2017 at 16,065 yuan a tonne and LME aluminium rose 0.3% to $1,993 a tonne. ShFE nickel advanced 0.1% to 119,660 yuan a tonne, while LME nickel eased 0.4% to $16,185 a tonne.

* "A synchronised economic recovery next year still bodes well for the (base metals) sector," Kumari said. "That said ... we see supply overhang in aluminium, which leaves room for an underperformance."

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

($1 = 6.5791 yuan)

(Reporting by Mai Nguyen; Editing by Subhranshu Sahu and Rashmi Aich)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.05% 6.4931 Delayed Quote.-0.49%
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