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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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Softer dollar, U.S. stimulus hopes lift copper to 1-week high

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09/30/2020 | 11:33pm EDT

Oct 1 (Reuters) - Copper prices rose on Thursday, as a softer dollar and renewed hopes for another U.S. stimulus boosted demand for the metal that is often used as a gauge of global economic health.

Three-month copper on the London Metal Exchange was up 0.5% at $6,703 a tonne by 0258 GMT. The contract hit its highest since Sept. 23 at $6,708 a tonne earlier in the session.

The dollar was on the defensive at a one-week low, as robust U.S. data and fresh hopes for fiscal stimulus had investors confident enough about economic recovery prospects to seek out riskier currencies.

A softer dollar makes greenback-priced metals more appealing to holders of other currencies.

U.S. Treasury Secretary Steven Mnuchin on Wednesday said talks with House Speaker Nancy Pelosi made progress on COVID-19 relief legislation, which is expected to boost the world's biggest economy and demand for the ductile metal that is used for construction, manufacturing and power projects.

Among other metals, aluminium advanced 0.2% to $1,768 a tonne, zinc increased 0.4% to $2,412 a tonne while lead was up 0.1% at $1,827 a tonne.

FUNDAMENTALS

* The Shanghai Futures Exchange (ShFE) will be closed from Oct. 1-8 for the National Day and the Mid-Autumn Festival holidays in China and will reopen on Friday, Oct. 9.

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

MARKETS NEWS

* Global shares tried to extend gains on renewed hopes for fresh U.S. stimulus measures, but mounting uncertainty ahead of America's presidential election kept gains in check.

DATA/EVENTS (GMT)

0500 India IHS Markit Mfg PMI Sept

0615 India Cash Reserve Ratio, Repo Rate Oct 1

0750 France Markit Mfg PMI Sept

0755 Germany Markit/BME Mfg PMI Sept

0800 EU Markit Mfg Final PMI Sept

0830 UK Markit/CIPS Mfg PMI Final Sept

0900 EU Unemployment Rate Aug

1230 US Consumption Adjusted MM Aug

1230 US Initial Jobless Clm Weekly

1345 US Markit Mfg PMI Final Sept

1400 US ISM Manufacturing PMI 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 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)


Stocks mentioned in the article
ChangeLast1st jan.
IHS MARKIT LTD. 0.54% 81.86 Delayed Quote.8.64%
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