Shanghai copper prices rose on Monday, as risk sentiment improved after US President Joe Biden and congressional Republican Kevin McCarthy agreed to suspend the government’s debt ceiling.
The most-traded July copper contract on the Shanghai Futures Exchange rose 1.5 percent to 64,850 yuan ($9,382.10) a ton, aluminum advanced 1 percent to 18,045 yuan a ton and zinc climbed 2.1 percent to 19,375 yuan a ton.
McCarthy and Biden forged an agreement on Saturday to avert an economically destabilizing default to suspend the $31.4 trillion debt ceiling until 2025.
The deal will now have to passes through the narrowly divided Congress and, if approved, will prevent the US government from defaulting on its debt.
SHFE nickel decreased 0.9 percent to 159,750 yuan a ton, lead eased 0.1 percent to 15,235 yuan a ton, while tin edged up 0.1 percent at 200,010 yuan a ton.
The London Metal Exchange was closed for a public holiday.
SHFE copper inventories fell to 86,177 tons on Friday, the lowest since Jan. 6. However, stockpiles of the metal in LME-approved warehouses rose to 97,725 tons on Thursday, their highest since November 2022. – Reuters
