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Copper is little changed after jobs data in China-2017 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
9/6/2016 有色金属展-铜材展-non-ferrous metals expo |
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Reuters reported that copper is little changed as investors digested lower than forecast US payrolls growth, while lead, zinc and tin hit multi-month peaks on tightening supplies, environmental curbs and upbeat factory data in China.
The US dollar gained despite the disappointing payrolls data for August, as investors viewed the Federal Reserve as still likely to raise interest rates in coming months.
A stronger US dollar makes dollar-priced metals costlier for non-US investors.
Also weighing on copper was rising supply. On-warrant or available copper stocks on the London Metal Exchange (LME) have jumped 170 per cent since June 1.
Mr Robin Bhar, Societe Generale analyst, said that "I think we will move lower over the remainder of the year. Copper is clearly in oversupply."
Three-month LME copper ended down 0.04 per cent at $US4,628 a tonne. Prices plumbed nine-week lows on Tuesday but have since steadied, clocking gains of 0.2 per cent for the week.
Stronger-than-expected August manufacturing activity in China this week triggered broad-based short-covering and outperformance in metals, especially those that also face supply constraints like zinc, lead and tin.
Zinc, used for galvanising steel, hit its highest since May 2015 at $US2,369.50, and ended up 1.1 per cent at $US2,363, while sister metal lead hit its highest since June 2015 at $US1,955 and ended up 0.7 per cent at $US1,943.
Capital Economics said that "While we expect the market to move deeper into deficit next year (4), we think that there is an increasing risk that higher prices might bring some production back on stream."
It said that "Although lead supply is falling, demand has also been contracting this year. As such any rally in the price of lead could run out of steam if investor sentiment sours."
Soldering metal tin hit its highest since January 2015 at $US19,335 amid falling inventories.
Helping steelmaking ingredients zinc and nickel, Chinese steel futures rallied on Friday on hopes for stronger demand after this weekend''s G20 summit. Chinese authorities closed polluting steel mills in host city Hangzhou ahead of the summit.
Nickel ended up 1.5 per cent at $US10,060, while aluminium ended down 1.3 per cent at $US1,594, having hit a month low of $US1,593.50 on oversupply concerns.
-2017 China(Guangzhou)Int’l
Non-Ferrous
Metal（Copper）Exhibition
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