Copper prices steady

- Advertisement -

BEIJING- Prices of copper traded within a tight range on Monday, as investors weighed demand uncertainty and higher supplies against support from a weaker US dollar.

Three-month copper on the London Metal Exchange little moved at $8,171 per metric ton, after recording a weekly gain on Friday.

The most-traded December copper contract on the Shanghai Futures Exchange lost 0.4 percent  to 67,380 yuan ($9,245.08) per ton.

- Advertisement -

The metal used in power, transportation and construction sectors, is facing slower seasonal consumption in the winter, while a patchy economic recovery in China also added uncertainty in its demand outlook.

Meanwhile, stocks on LME warehouses have largely climbed, despite a recent decline.

Copper stocks on SHFE warehouses rise 11.3 percent  last Friday, but still around an one-year low level.

The dollar index hovered around its six-week low on Monday, as US job data released last Friday reinforced investors’ expectation the Federal Reserve to hold interest rates steady again at its December meeting.

LME aluminum eased 0.2 percent  at $2,250.50 a ton, tin dipped 0.3 percent  to $24,285, zinc shed 0.4 percent  to $2,514, lead nudged down 0.2 percent  to $2,166.50, and nickel fell 0.9 percent  to $18,060.

Author

- Advertisement -
Previous article
Next article

Share post: