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Copper sags on high inventories, focus on U.S. data-2017 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
9/1/2016 有色金属展-铜材展-non-ferrous metals expo |
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Reuters reported that copper languished near a 10-week low at LME on Tuesday for the seventh consecutive session as inventories rose and the market focused on US non-farm payrolls data later this week for clues to the timing of U.S. interest rate rises. Benchmark copper on the London Metal Exchange ended down 0.2 percent at USD 4,607 a tonne, from an earlier USD 4,600, its lowest since June 24. It has fallen more than 8 percent since the middle of July.
Stocks of copper in LME-approved warehouses rose 11,650 tonnes, bringing the total retained to 283,225 tonnes, with much of the build occurring in South Korea and Singapore.
Senior commodities economist Caroline Bain at Capital Economics in London, said "It''s evident that there is no shortage of supply. We have strong production growth and stocks continue to rise which is all negative for prices. We are all waiting to see what the US employment data show on Friday and then we will have a better idea on when the next interest rate rise will be."
Three-month zinc ended down 0.1 percent at USD 2,312 a tonne. It hit a 15-month high of USD 2,333 on Friday and is up about 60 percent since the January low on worries about shortages due to mine closures.
Aluminium ceded 0.8 percent to USD 1,630 a tonne, while lead gained 0.2 percent to USD 1,878. Tin fell 0.5 percent to USD 18,800 and nickel rose 0.3 percent to USD 9,830.
-2017 China(Guangzhou)Int’l
Non-Ferrous
Metal（Copper）Exhibition
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