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London copper picks up on weak dollar, U.S. infrastructure plans

04/08/2021 | 03:08am EDT

HANOI, April 8 (Reuters) - Copper prices in London rose on Thursday, buoyed by a weakening dollar and hopes of a pick-up in metals demand from a $2 trillion infrastructure proposal in the United States.

Three-month copper on the LME rose 0.8% to $8,989 a tonne, as the dollar hovered near a more than two-week low, making greenback-priced metals more attractive to holders of other currencies.

U.S. President Joe Biden is expected to meet with lawmakers in coming weeks on his proposed infrastructure bill, which is expected boost demand for industrial metals.

Meanwhile, the most-traded May copper contract on the Shanghai Futures Exchange closed down 0.4% at 66,850 yuan ($10,207.98) a tonne, having dropped to 66,310 yuan a tonne earlier in the session, its lowest level since Apr. 2.

The Yangshan copper premium <SMM-CUYP-CN> dropped to $54 a tonne, its lowest since Nov. 27, indicating weakening demand for imported metal from top consumer China.

Copper inventories in warehouses approved by the London Metal Exchange <MCUSTX-TOTAL> climbed to 150,325 tonnes, their highest since Nov. 26, while ShFE stockpiles <CU-STX-SGH> were last at 188,359 tonnes, their highest since Sept. 18.

Sentiment has been dampened by signs that the Chinese government is looking to quell asset bubbles, ANZ analysts said in a note.

"Nevertheless, any weakness in China could be mitigated by strong growth in the United States," the analysts said, adding that the infrastructure plan should see demand for industrial metals, such as copper, rise strongly.


* LME aluminium rose 0.6% to $2,273.50 a tonne, zinc rose % to $2,860.50 a tonne, and lead was down 0.1% at $1,991.50 a tonne.

* ShFE nickel rose 0.9% to 126,690 yuan a tonne and tin dropped 1% to 183,100 yuan a tonne, while zinc advanced 0.8% to 22,020 yuan a tonne.

($1 = 6.5488 yuan) (Reporting by Mai Nguyen; Additional reporting by Tom Daly; Editing by Subhranshu Sahu and Uttaresh.V; Editing by Pravin Char)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.57% 0.77134 Delayed Quote.0.36%
BRITISH POUND / US DOLLAR (GBP/USD) -0.67% 1.38377 Delayed Quote.1.93%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.17% 0.79822 Delayed Quote.0.93%
EURO / US DOLLAR (EUR/USD) -0.27% 1.20076 Delayed Quote.-1.50%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.46% 0.01332 Delayed Quote.-3.12%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.59% 0.71614 Delayed Quote.-0.20%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.48823 Delayed Quote.-0.09%
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