SINGORE, – Copper prices on the London Metal Exchange and the Shanghai Futures Exchange rose on Friday, supported by stronger-than-expected U.S. economic data and expectations of increased Chinese buying after the recent price dip.
Three-month copper on the LME gained 0.13% to $9,679 per metric ton by 0104 GMT, rising 0.32% so far this week, and the most-traded copper contract on the SHFE added 0.5% to 78,290 yuan a ton, but was still 0.19% lower this week.
“The U.S. economic data has been encouraging, boosting the hope for better copper demand and lowering the chances for immediate interest rate cuts,” a Beijing-based metals analyst at a futures company said.
U.S. retail sales increased 0.6% in June after an unrevised 0.9% drop in May, while the number of Americans filing new applications for unemployment benefits fell last week, pointing to steady job growth so far in July.
“LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops, uncertain whether this will materialise and by how much,” a Shanghai-based metals analyst at a futures company said.
Total copper stocks at the LME-registered warehouses
rose 34.8% since the end of June to 122,150 tons as of Thursday, with the spikes mainly at Asian warehouses such as in Gwangyang and Taiwan.
Meanwhile, the market is waiting for confirmation of the August 1 deadline and details of the U.S.’s 50% import tariffs on copper.
LME tin gained 0.47% to $33,170 a ton, aluminium rose 0.41% at $2,588.5, lead added 0.28% to $1,978.5 and zinc advanced 0.24% to $2,743.5. Nickel eased 0.04% to $15,090.
SHFE zinc jumped 1.18% to 22,340 yuan a ton, tin gained 0.77% to 263,760 yuan, nickel rose 0.67% to 120,430 yuan and aluminium grew 0.47% to 20,520 yuan. Lead fell 0.3% to 16,820 yuan.
For the top stories in metals and other news, click or
DATA/EVENTS 1230 US Housing Starts Number June 1400 US U Mich Sentiment Prelim July
This article was generated from an automated news agency feed without modifications to text.
