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LME Copper Set for Best Quarter in a Decade on Improved Chinese Factory Data

30 Jun 2020 9:09 am
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Mumbai (Commodities Control) – London copper prices on Tuesday were on track for their best quarterly performance in a decade, as tight supplies and better-than-expected data from China boosted sentiment.

Three-month copper on the London Metal Exchange (LME) rose 0.5% to $5,992.50 a tonne by 0146 GMT, up 21% on a quarterly basis, its best since the quarter ended September 2010.

LME aluminium rose 0.2% to $1,611.50 a tonne and nickel advanced 0.3% to $12,840 a tonne. In Shanghai, aluminium hit its highest since Jan. 21 at 13,845 yuan a tonne and lead touched a five-month high.

The most-traded August copper contract on the Shanghai Futures Exchange (ShFE) advanced 0.5% to 48,580 yuan ($6,871.68) a tonne and was up 24.8% so far this quarter, its best since the last quarter of 2009.

China's factory activity expanded at a faster pace in June, beating expectations, as the economy continues to recover, but weak global demand is likely to be a drag on growth.

Copper prices have been supported by a lack of scrap in China, supply risks in top producer Chile – where the number of COVID-19 cases are rising fast – and a weaker U.S. dollar.

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