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Copper slips after hitting 8 month high on demand optimism-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/10/2016 Copper exhibition -non-ferrous metals expo |
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Reuters reported that copper retreated on Tuesday after hitting eight-month highs as expectations of stronger demand were reinforced by a growing belief that Hillary Clinton will win the US presidential election. Benchmark copper on the London Metal Exchange was down 0.9 percent at $5,054 a tonne at 1033 GMT from an earlier $5,110.
Traders said funds were cutting bets on a further rise in prices, up 10 percent since Oct. 21, as voting began. Much of the focus is on China, which accounts for about half of global consumption of industrial metals, where the outlook for economic and demand growth is perceived to have improved.
Aluminium was down 0.7% at USD 1,714, zinc fell 0.9 percent to USD 2,447, lead slipped 0.2 percent to USD 2,082 and tin ceded 0.4 percent to USD 21,750.
Tin earlier matched Monday''s USD 22,000 a tonne, its highest since August 2014. It has been boosted by worries about shortages and low stocks in LME-approved warehouses.
Nickel bucked the trend to stand 0.5 percent higher at USD 11,175 a tonne from an earlier USD 11,370, its highest since July last year, as funds piled in on forecasts of deficits this year and next.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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