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Copper slips at LME on uncertainty over US economy and China demand- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
4/1/2016 Non-Ferrous Metals expo |
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Reuters reported that copper dipped on Wednesday on persistent concerns over global economic growth and demand from top consumer China, although the fall was cushioned by a softer dollar as investors wound back their expectations for US interest rate rises. Three-month copper on the London Metal Exchange ended down 0.4 percent at $4,872.50 a tonne in official trade, recovering from a session low $4,850 - its cheapest since March 11. It hit an earlier high of $4,930.
Other industrial metals were mixed as traders weighed a weaker dollar, which is favourable for commodities priced in the currency, against Fed chair Ms Janet Yellen''s assessment of uncertain global growth prospects. Ms Yellen said the U.S. Federal Reserve should proceed cautiously as it looks to raise rates, pointing to threats to the world''s biggest economy such as low oil prices and concerns over China''s economy.
Copper found limited support from declining physical stocks in London Metal Exchange warehouses. Copper in the warehouses <0#LME-STOCKS> stood at 145,275 tonnes, down about 38 percent so far this year, though much of the inventory has just moved to warehouses monitored by the Shanghai Futures Exchange. China''s bonded copper stocks have risen 100,000 tonnes in March to 500,000, while Shanghai stocks doubled year-to-date to just under 400,000 tonnes earlier in March before falling last week.
Three-month aluminium rose 0.5 percent to $1,496 a tonne in official trade. Lead slid 0.3 percent to $1,735 a tonne, having earlier hit $1,736 -- its lowest in a month. Nickel declined 0.2 percent to $8,430 a tonne, and tin added 0.4 percent to $16,875 a tonne.
- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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