Login ID:
Partner Login
Contact Us : 7066511911

LME Copper Ticks Up Post Sino-U.S. Trade Deal Signing

16 Jan 2020 10:44 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – London copper edged up on Thursday after the United States and China signed a preliminary trade deal, but gains were limited as investors doubted the pact would spur world economic growth.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $6,293.50 a tonne by 0231 GMT, hovering below an eight-month high of $6,321 hit on Tuesday.

The most-traded copper contract on the Shanghai Futures Exchange , however, fell 0.2% to 49,290 yuan ($7,162.27) a tonne, after hitting a two-week high in the previous session.

LME nickel fell 0.4% to $14,265 a tonne, while tin rose to a four-month high of $17,600 a tonne. In Shanghai, aluminium gained 0.4% to 14,005 yuan a tonne, while nickel jumped 2% to 111,430 yuan a tonne and lead climbed 1.4% to 15,215 yuan a tonne.

Washington and Beijing signed the Phase 1 trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of U.S. products, defusing an 18-month row that has hurt global economic growth and metals demand.

But investors are worried that the pact would not substantially boost metals demand as the deal left a number of sore spots unresolved.

LME three-month copper is facing a resistance of $6,371.54 a tonne while its supporting level stands at $6,225.47 a tonne, Reuters commodities and energy technical analyst Wang Tao said.

New home prices in China's 70 major cities rose 6.6% in December from a year earlier, the slowest since July 2018, and down from November's 7.1% on-year increase.

Copper inventories in LME-approved warehouses fell to a 10-month low of 128,050 tonnes on Tuesday, latest data showed.

However, the discount between LME cash and three-month contract expanded to a more than three-month high of $34.50 a tonne, suggesting no nearby supply shortage.

(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
LME Copper Holds Near 3-Wk High Amid Concerns About Chi...
LME – Warehouse Stock Movements – 19th February
LME Copper Rises As Fresh Corona Virus Cases Fall For 2...
LME – Warehouse Stock Movements - 18th February
Metals Slip As Apple Warning Underlines Virus Impact; C...
Top 5 News
ICE Cotton Rises As Mkt Weighs Possibility Of China’s E...
CBoT Soybean Rebounds On Export Hopes
ICE Raw Sugar Continues To Move Northward, Premiums Wid...
Old/New Chana Declines At Major Markets
Spot Mentha Falls Further On Sluggish Demand
Top 5 Special Reports
USD/INR (Feb. ’20) – Neutral Stance: Prices Consolidati...
Chana Indore (Kabuli 42-44 Count Spot) - Bearish Price ...
Mumbai Lentil (Masoor) - Pullback Extends Further / Nex...
Kolkata Pea(Matar)-May Decline Further Towards Channel ...
USD/INR (Feb. ’20) – Neutral Stance: Prices Consolidati...
Copyright © CC Commodity Info Services LLP. All rights reserved.