Prices of most nonferrous metals rose on Tuesday, supported by pledges from Chinese leaders to shore up economic growth in the world’s biggest metals consumer.
Three-month copper on the London Metal Exchange advanced 0.8 percent to $8,587 per metric ton, while the most-traded August copper contract on the Shanghai Futures Exchange climbed 0.8 percent to 68,930 yuan ($9,636.25) per metric ton.
Chinese top leaders pledged on Monday to ramp up policy support for the economy, with investors hoping for further easing in restrictions in the troubled property market, a sector that consumes a vast amount of metals.
LME aluminum advanced 0.5 percent to $2,221 per metric ton, zinc increased 0.6 percent to $2,430.50, tin was up 0.9 percent at $28,850, while nickel fell 0.2 percent to $21,385 and lead was down 0.1 percent at $2,172.
SHFE aluminum rose 0.7 percent to 18,390 yuan per metric ton, zinc was up 1.6 percent at 20,385 yuan and tin climbed 1 percent to 234,590 yuan.
SHFE nickel climbed as much as 2 percent to 172600 yuan per metric ton, a level unseen since May 9, and SHFE lead reached its highest since December 2022 of 16,210 yuan. – Reuters
