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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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LME copper up on Chinese demand, new lockdown fears cap gains

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09/21/2020 | 09:41pm EDT

SINGAPORE, Sept 22 (Reuters) - London copper prices rose on Tuesday, recouping some of the last session's losses, on expectations of strong Chinese demand, although worries about fresh coronavirus-led lockdowns capped gains.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange rose 0.4% to $6,716.50 a tonne by 0117 GMT, after dropping 1.7% in the last session.

* The most-traded copper contract on the Shanghai Futures Exchange fell 1.1% to 51,670 yuan ($7,593.73) a tonne.

* China, the world's top consumer of industrial metals, is expected to increase imports after data showed industrial output accelerated the most in eight months in August, while retail sales grew for the first time this year.

* A resurgent dollar held on to overnight gains on Tuesday after virus fears and worries about U.S. stimulus drove a wave of selling in just about everything else.

* A strong dollar weighs on commodity prices as it makes greenback-priced products expensive for buyers holding other currencies.

* The premium for cash LME copper over the three-month contract <CMCU0-3> spiked by Friday's close to $40.25 a tonne, its highest since March 2019, indicating tight supplies. It pared gains on Monday to $31.

* The global world refined copper market showed a 192,000 tonnes deficit in June, compared with a 36,000 tonnes deficit in May, the International Copper Study Group said in its latest monthly bulletin.

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

MARKETS NEWS

* Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.

DATA/EVENTS (GMT) 1400 US Existing Home Sales Aug 1400 EU Consumer Confid. Flash Sept

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

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.8043 yuan) (Reporting by Naveen Thukral; editing by Uttaresh.V)


Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.6761 Delayed Quote.-4.06%
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