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Copper tops $US7000 tonne mark, bolstered by weak greenback
2017-12-21

Copper hit a two-month high as the US dollar fell and investors remained upbeat about global growth prospects as a US tax overhaul neared completion and China's economy remained on a firm footing.

 

The dollar slid against most currencies, with the greenback seen as having limited upside given that investors have already factored in a comprehensive US tax bill that is all but certain to be signed into law by President Donald Trump.

 

A weak dollar makes dollar-priced metals cheaper for non-US investors.

 

"Overall it seems investor confidence has come back. When we crossed $US6700 again last week it triggered buying. The weaker dollar is helping," said a trader.

 

Three-month copper on the London Metal Exchange ended up 1.5 per cent at $US70454 a tonne, crossing the psychologically important $US7000 mark and hitting its highest since mid-October at $US7070.50

 

In China, consumer of nearly half the world's copper, leaders at an economic planning meeting said Beijing will deepen structural reforms and curb risks to the financial system while maintaining steady growth in 2018.

 

"US equities are at record highs, tax cuts are coming through, global growth is not too hot but not too cold either, there's lots of reasons to be risk on. Strikes are going to be a big factor next year (in copper)," said Robin Bhar, metals specialist at Societe Generale.

 

The centre-right government of Peru's embattled President Pedro Pablo Kuczynski cancelled its scheduled auction of a $US2 billion copper project, Michiquillay, amid a growing political crisis.

 

Seasonally strong demand drove and low stocks drove lead prices to a two-month high of $US2572 a tonne, but the metal closed down 1.1 per cent at $US2525 as supply tightness linked to technical factors eased.

 

The premium for cash lead over the three-month price fell to $US4.20 a tonne from $US24 on Monday, when fears of supply shortages on the LME prevailed given one entity held between 50-80 per cent of lead warrants or ownership tiles.

 

Aluminium closed up 1.1 per cent at $US2122, its highest since late November, as rising raw material prices and production cuts in China provided end-of-year support to the market.

 

Zinc ended up 0.5 per cent at $US3218 a tonne, tin ended up 0.6 per cent at $US19,475 while nickel closed up 2.3 per cent at $US12,030 a tonne, having hit its highest since mid-November.

 
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2024-3-28
Item
SHFE
Change
Cu
285090
-1305
Al
199757
-6660
Zn
121873
+2289
Item
LME
Change
Cu
112475
-625
Al
554475
-2050
Zn
270875
+7325
Ni
77148
+312
2023-5-15
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