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Copper gains on signs China spending more on fixed assets-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/16/2016 Copper exhibition -non-ferrous metals expo |
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Reuters reported that Shanghai metals futures were mixed after opening lower across the board on Monday, helped by data showing strong fixed asset investment in China.
Copper and zinc in both London and Shanghai markets were pulled higher, while nickel and tin lost ground.
There were also signs that expectations Trump''s US presidential election win would inject a swift boost to metals markets via US infrastructure spending were dwindling, placing pressure on metals following last week''s extraordinary rally.
ANZ Bank said in a note that "Positive sentiment is wavering with investors re-evaluating the implications of a Trump presidency.¡±
Trump has said he plans to fix inner cities, rebuild highways and infrastructure, while erecting barriers against cheap imports, leading to higher consumption of industrial raw materials.
A trader in Sydney said that "Let''s wait and see how much can really get done in the short term.¡±
The most-traded copper contract on the Shanghai Futures Exchange turned positive after data showed China''s fixed-asset investment rose 8.3 percent in January-October.
China is the top world consumer of copper and other industrial metals.
Traders said the higher-than-expected rise helped offset weaker industrial output and retail sales growth figures, reported by National Bureau of Statistics.
Three-month copper on the London Metal Exchange also recovered on the data, rising O.7 percent to USD 5,626 a tonne after initially trading down on the previous session. The contract jumped nearly 8 percent to USD 6,025.50 a tonne in intraday trading on Friday, its highest level since June 2015, before recoiling.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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