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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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London copper rebounds on dollar weakness; virus, U.S. stimulus concerns cap gains

10/27/2020 | 12:03am EST

Oct 27 (Reuters) - London copper prices rebounded from earlier losses on Tuesday, as a weaker dollar boosted the appeal of greenback-priced metals, although gains were capped on surging global coronavirus infections and stalling of U.S. stimulus negotiations.

Three-month copper on the London Metal Exchange rose 0.4% to $6,805 a tonne by 0705 GMT, having fallen as much as 0.2% to $6,764.50 a tonne earlier in the session.

The most-traded December copper contract on the Shanghai Futures Exchange closed down 0.5% to 51,650 yuan ($7,705.62) a tonne.

The dollar strengthened as strong regional economic data helped offset worries about a second wave of COVID-19 cases in Europe and the United States.

But worries that the much-awaited U.S. stimulus deal is yet to be agreed pushed investors to the sidelines ahead of the country's Nov. 3 presidential election.

"It seems the price could be stuck in an expanded trading range for a while, though in the mid- to long-term, it still looks quite bullish," said a Singapore-based copper analyst, adding that China's upbeat macro data suggests a promising demand outlook next year despite weak physical demand now.

"The biggest factor is macro uncertainty as well as rising COVID-19 cases, which also cast a shadow on the economic recovery. The U.S. election could add to the risk aversion, while hopes on stimulus bill (have) also faded," the analyst said.

FUNDAMENTALS

* LME aluminium rebounded 0.1% to $1,830 a tonne from a two-week low hit in the previous session and tin rose 0.3% to $18,110 a tonne after hitting its lowest since Oct. 5 on Monday.

* ShFE lead closed up 1% at 14,450 yuan a tonne, rebounding from a four-month low hit earlier in the session at 14,020 yuan a tonne, while zinc declined 0.3% to 19,700 yuan a tonne.

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

($1 = 6.7029 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.39% 6.5076 Delayed Quote.-6.02%
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