Mumbai, 5 Apr (Commoditiescontrol): London Metal Exchange (LME) Copper prices rose to their highest in over 14 months on Thursday, led by fund buying after the U.S. dollar's dip to a one-week low.
Three-month copper on the LME (LME) was up 1.2% at $9,372.5 a metric ton after touching its highest since January 2023 at $9,397.50.
More funds that trade on buy sell signals from numerical models, known as commodity trading advisors (CTA), were buying at close to $9,400 a ton, analysts said.
Daily aluminium trading volumes reached 41,363 lots on Wednesday, the highest since October 2021. LME aluminium touched $2,461.50 a ton on Thursday for the highest level since April 2023. It was last up 0.8% at $2,449.50.
The rally was supported by the softening in the U.S. dollar as investors awaited U.S. labour data for inflation clues. A weaker U.S. currency makes dollar-priced metals cheaper for buyers holding other currencies.
Prices were also supported by Federal Reserve Chair Jerome Powell's affirmation that his outlook on lowering interest rates this year remained unchanged and will continue to be guided by economic data. But another Fed official said the first rate cut would not come until fourth quarter.
Meanwhile, Euro zone inflation fell unexpectedly last month, solidifying the case for the European Central Bank to start lowering borrowing costs.
In other metals, nickel gained 0.8% to $17,485 a ton, zinc jumped 2.3% to $2,607.50, lead climbed 2% to $2,123.50 and tin was up 0.3% at $28,475.
Markets in top metals consumer China were closed for public holidays on Thursday and Friday.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
