Mumbai, 10 May (Commoditiescontrol): Base metal prices on the London Metal Exchange (LME) saw an increase on Friday, driven by the prospect of interest rate cuts in the U.S. following disappointing job data.
Copper for three-month delivery on the LME went up by 0.8% to $9,987 per metric ton, while its counterpart on the Shanghai Futures Exchange (SHFE) for June delivery rose by 0.9% to 80,470 yuan ($11,139.57) per ton.
The possibility of softer interest rates, suggested by a rise in U.S. unemployment claims to an eight-month high last week, has fueled expectations that economic measures to stimulate growth might be on the horizon. Such a scenario typically bolsters metal demand and could weaken the dollar, making dollar-priced metals more affordable in other currencies.
On Friday, despite a nearly flat performance, the dollar index had previously fallen by 0.3%—its most significant drop in over a week—adding to the favorable conditions for metal prices.
Among other metals, LME aluminum increased by 0.3% to $2,570 per ton. Nickel saw a slight rise of 0.2% to $19,065, and zinc went up by 0.5% to $2,924. In contrast, lead and tin prices dropped by 0.4% to $2,225.50 and $32,460, respectively.
On the SHFE, aluminum, nickel, and tin prices also moved upward, with nickel posting a 1.2% gain to 143,160 yuan and tin increasing by 1.1% to 262,270 yuan. Lead mirrored its LME performance with a 0.4% decrease to 17,940 yuan.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
