|
|
| |
|
|
Copper rises at LME on hopes for Chinese demand amid falling stockpiles- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
3/23/2016 non-ferrous metals expo |
--------------------------------------------------------------------------------------------------------------- |
|
Reuters reported that copper prices rose on Monday at LME as expectations of stronger demand in top consumer China and falling inventories reinforced positive sentiment, but a firmer dollar limited gains. Benchmark copper on the London Metal Exchange (LME) ended up 0.5 percent to $5,065 a tonne.
Chinese imports of refined copper jumped more than 50 percent year-on-year to 328,604 tonnes in February. Analysts expect higher numbers over the next few months due to seasonal strength.
Mr Peter Fertig, a consultant at Quantitative Commodity Research, said ¡°Financial investors misinterpreted the outlook for Chinese demand, which is not as bad as they thought. Sentiment has improved. More modest increases in US rates are already priced in, the dollar is unlikely to provide much more support."
US Federal Reserve policymakers last week said it would be appropriate to raise rates by half a percentage point this year. Previously, expectations had been for a rise of 1 percentage point. A stronger U.S. currency, meanwhile, makes dollar-denominated commodities more expensive for holders of other currencies.
Three-month aluminium ended down 0.6 percent at $1,512 a tonne, and zinc rose 1.7 percent to $1,875 from an earlier five-month high of $1,877.50. Zinc has gained nearly 30 percent since the middle of January on expectations of tight supplies. Lead was bid up 1.1 percent at $1,828 a tonne, tin was unchanged at $16,900 and nickel gained 1.2 percent to $8,765.
- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
|
|
|
|
|
