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Copper Prices Rebound as Bargain Hunters Enter Market

18 Jun 2024 11:30 am
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MUMBAI, 18 Jun (Commoditiescontrol): Copper prices saw an uptick on Tuesday as bargain hunters capitalized on the metal's recent dip to an eight-week low. This rise comes despite lingering concerns over weak economic activity data from China, a major consumer of the metal.

On the London Metal Exchange (LME), three-month copper climbed 0.7% to $9,729 per metric ton. In contrast, the most-traded July copper contract on the Shanghai Futures Exchange (SHFE) slightly decreased by 0.1% to 78,770 yuan ($10,856.59) per ton.

The LME copper prices had declined for three consecutive sessions until Monday, hitting their lowest level since April 18 at $9,587 per ton in the previous session. "The rebound from $9,600 coincided with the U.S. equity markets getting a bid. Hence, there were some bargain hunters bidding up copper at the same time, and we touched above $9,750 this morning," a trader commented.

The demand outlook for copper remains uncertain due to recent data from China. May's industrial output growth in China slowed to 5.6%, falling short of the anticipated 6%. Additionally, the premium for importing copper into China, the world's largest consumer, remained below zero, indicating weak physical demand.

Other metals also experienced gains on the LME: aluminum rose 0.2% to $2,507.50 per ton, nickel edged up 0.5% to $17,550, zinc climbed 0.7% to $2,836, lead increased 0.7% to $2,172, and tin rose 0.8% to $32,400.

Similarly, on the SHFE, aluminum increased by 0.2% to 20,460 yuan per ton, zinc advanced 1% to 23,540 yuan, lead rose 1.7% to 18,935 yuan, and tin jumped 0.8% to 269,050 yuan. However, nickel saw a slight decline of 0.5% to 135,510 yuan.

This mixed performance in the metals market reflects ongoing volatility influenced by global economic indicators and market sentiment shifts.

(By Commoditiescontrol Bureau; +91 98201 3018)

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