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LME Copper Eases Ahead Of Sino-U.S. ‘Phase 1’ Signing

13 Jan 2020 9:15 am
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Mumbai (Commodities Control) – Copper prices edged down on Monday as investors exercised caution ahead of the signing of a U.S.-China trade agreement later in the week.

The Phase 1 deal expected to be sealed on Wednesday eases an 18-month trade dispute between the two sides, although negotiations on a Phase 2 deal could go on for months.

Benchmark three-month copper on the London Metal Exchange (LME) fell 0.1% to $6,191.50 a tonne by 0208 GMT, snapping a streak of five sessions of gains. The London contract rose 5.3% last month on expectation of the trade deal. Meanwhile in China, the most-traded copper contract on the Shanghai Futures Exchange (ShFE) dipped 0.2% to 48,840 yuan a tonne.

Copper prices rose to two-week highs on Friday as the US dollar weakened. Three-month LME copper climbed to its highest since December 30 at $6,243.5/mt on Friday, before it eased to close the trading day 0.64% higher at $6,203.5/mt. The most active SHFE 2003 contract advanced to a one-week high of 49,230 yuan/mt in Friday night’s trading session, before giving back all those gains to end a tad weaker at 48,920 yuan/mt.

Meanwhile, other metals followed copper in the weakness, barring nickel. Three-month LME nickel rose 0.78% on Friday to close at $14,230/mt, marking a fifth straight day of gains. The most traded SHFE contract strengthened 0.55% in Friday night’s trading session and closed at 112,340 yuan/mt. Pressure at 113,000 yuan/mt will come under scrutiny today.

LME aluminium declined 0.3% to $1,801.50 a tonne, zinc eased 0.1% to $2,375 a tonne, lead fell 0.6% to $1,921 a tonne while nickel rose 0.3% to $14,230 a tonne.

ShFE aluminium dropped 0.8% to 13,955 yuan a tonne and zinc lost 0.1% to 18,305 yuan a tonne, while nickel rose 0.7% to 112,540 yuan a tonne and tin advanced 0.2% to 137,770 yuan a tonne.

Global automakers are cautious about their prospective sales in China's vehicle market this year, the world's biggest, as pressures such as slowing economic growth and trade frictions look set to continue.

China will not make significant cuts to subsidies for new energy vehicles this year, signalling that its policy will remain relatively stable, state media quoted the country's industry ministry as saying on Saturday.

Experts see LME copper moving between $6,180-6,230/mt today, with SHFE copper at 48,800-49,200 yuan/mt.


(By Commodities Control Bureau +91-22-40015502)


       
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