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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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Copper rises 1% on China demand, U.S. stimulus hopes

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09/28/2020 | 03:29am EDT

SINGAPORE, Sept 28 (Reuters) - London copper prices on Monday rose for a second straight session, climbing 1% on expectations of strong demand from top importer China and a U.S. stimulus in the works.

Asian markets were powered by signs that China's economic recovery was gaining momentum with pent-up demand, fiscal stimulus and surprisingly resilient exports boosting sentiment across the region.

"China's manufacturing is expected to pick up this month and our estimate is that the growth in infrastructure sector will remain strong for rest of the year, driving demand for industrial metals and iron ore," said Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia in Melbourne.

* Three-month copper on the London Metal Exchange rose 1% to $6,607.50 a tonne, as of 0715 GMT and the most-traded copper contract on the Shanghai Futures Exchange closed up 1.3% to 51,220 yuan ($7,507.84) a tonne.

* In August, data showed industrial output in China, the world's top consumer of metals, accelerated the most in eight months.

* Democrats in the House of Representatives are working on a $2.2 trillion coronavirus stimulus package.

* Still, a higher U.S. dollar, which makes greenback-priced commodities more expensive for holders of other currencies, could weigh on prices.

* The dollar hovered near a two-month peak against a basket of currencies on Monday as investors look to a barrage of upcoming economic data and political developments in the United States before making any fresh bets on the U.S. currency.

* Zambia will remove import duty on copper ores and concentrates to encourage local processing, Finance Minister Bwalya Ng'andu said in a budget speech delivered in parliament on Friday.

* Africa's second largest copper producer saw its export earnings from the metal in the first half of the year fall 14.8% to $2.3 billion due to a drop in prices, he added.

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

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

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Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.8222 yuan) (Reporting by Naveen Thukral; Editing by Vinay Dwivedi and Sherry Jacob-Phillips)


Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -0.49% 69.33 End-of-day quote.-13.23%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.20% 6.6797 Delayed Quote.-4.21%
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