Metals rise on dollar weakness, but trade jitters cap gains
Benchmark three-month copper on the London Metals Exchange was up 0.3% at $9,810 a metric ton, as of 0750 GMT.
The dollar hovered close to a five-month low on Monday, pressured by U.S. President Donald Trump's erratic trade policies.
A softer dollar makes greenback-priced commodities more affordable for buyers using other currencies.
"In summary, with the US dollar index maintaining a low level, copper prices are expected to find support at the bottom today," information provider Shanghai Metals Market (SMM) said in a note.
U.S. President Donald Trump said on Monday he has no intention of creating exemptions on steel and aluminum tariffs and said reciprocal and sectoral tariffs will be imposed on April 2.
LME aluminium was up 0.4% to $2,691 a ton, lead gained 0.7% to $2,083.5, zinc lost 0.1% to $2,968.5, tin rose 0.5% to $35,500 and nickel advanced 1.2% to $16,665.
SHFE copper gained 0.6% to 80,520 yuan ($11,120.63) a metric ton, SHFE aluminium was down 0.3% at 20,925 yuan a ton, zinc added 0.3% to 24,205 yuan, lead jumped 0.1% to 17,635 yuan, tin gained 0.3% to 283,520 yuan and nickel rose 0.1% to 133,900 yuan.
($1 = 7.2406 Chinese yuan renminbi)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahawul Tech
32 minutes ago
- Tahawul Tech
Tencent hits double-digit profit growth
Tencent, a Chinese internet company, recorded double-digit profit and revenue growth across the majority of its business units in Q2 2025, as it continued to invest capital expenditure into AI initiatives. Chair and CEO Pony Ma stated in its earnings call the company is 'striving to bring further benefits of AI to consumers and enterprises through powering more use cases' within WeChat, driving usage of its AI native app and upgrading the capabilities of its foundation models. Total capex increased 119 per cent year-on-year to CNY19.1 billion ($2.7 billion), driven by increased investments in GPUs and servers to ramp up AI capabilities. R&D spending increased 17 per cent to CNY24.3 billion. President Martin Lau explained that although it doesn't have clarity on the chip import situation, it has enough chips for 'training and continuous upgrade of our existing models. And we also have many options for inference chips'. Net profit in the April to June period rose 16 per cent to CNY56 billion, while revenue increased 15 per cent to CNY184.5 billion. Domestic and international games, part of its value-added services unit, improved 17 per cent and 35 per cent to CNY40.4 billion and CNY18.8 billon, respectively. Social networks revenue increased 7 per cent to CNY32.2 billion. Marketing services revenue improved 20 per cent to CNY35.8 billion, supported by an upgrade to its advertising foundation model, which it noted led to a better performance of ads. Fintech and business services grew 10 per cent to CNY55.5 billion. Combined monthly active users of messaging service WeChat and Chinese version Weixin were up 3 per cent to 1.4 billion. MAUs on its QQ mobile messaging platform fell 7 per cent to 532 million. Source: Mobile World Live Image Credit: Tencent
Economy ME
an hour ago
- Economy ME
Stock market today: Japan's Nikkei hits fresh record high as Wall Street futures gain
Asian stock markets advanced on Monday, with investors bracing for a pivotal week in U.S. interest rate policy. Japan and Taiwan benchmarks climbed to record highs, while Chinese blue chips touched their strongest level in 10 months. After meeting with Russian President Vladimir Putin in Alaska on Friday, U.S. President Donald Trump appears more aligned with Moscow on pursuing a peace deal first with Ukraine rather than a ceasefire. Later on Monday, Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and European leaders to discuss next steps, though concrete proposals remain unclear. Prospects of lower global borrowing costs support markets The key economic event this week is the Federal Reserve's Jackson Hole symposium , running August 21–23, where Chair Jerome Powell is scheduled to speak on the economic outlook and the central bank's policy framework. Powell is expected to indicate that risks to the Fed's employment and inflation mandates are balancing, paving the way for a return of the policy rate toward neutral. According to the CME Group's FedWatch tool, traders are currently pricing an 84.8 percent chance of a 25-basis-point rate cut next month. The prospects of lower global borrowing costs have supported stock markets, with Japan's Nikkei climbing 0.9 percent to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.28 percent after hitting a four-year high last week. Meanwhile, Chinese blue chips surged 1.3 percent, bringing quarterly gains to more than 8 percent so far. In the European stock market, EUROSTOXX 50 and DAX futures rose 0.2 percent, while FTSE futures gained 0.3 percent. Read: Crude oil prices climb to $65.89 as Russia supply concerns cool after Trump-Putin meeting U.S. stock market gains on strong earnings In the U.S. stock market, S&P 500 futures inched up 0.1 percent while Nasdaq futures gained 0.2 percent, with both hovering near record highs. Investor confidence has been supported by a strong earnings season, as S&P 500 earnings per share grew 11 percent year-on-year, and 58 percent of companies raised their full-year guidance. Earnings have remained strong for mega-cap tech companies. Although Nvidia has yet to report, the Magnificent 7 collectively posted 26 percent year-on-year earnings per share growth in the second quarter, beating consensus expectations by 12 percent. In commodities, Brent crude futures gained 4 cents, or 0.06 percent, to $65.89 a barrel by 5:30 GMT, while U.S. West Texas Intermediate crude rose 12 cents, or 0.19 percent, to $62.92. Meanwhile, spot gold was up 0.64 percent to $3,356.33 as of 5:07 GMT, after hitting its lowest level since August 1. U.S. gold futures for December delivery gained 0.60 percent to $3,402.90.
Zawya
an hour ago
- Zawya
Mideast Stocks: Most Gulf markets dip as Trump-Putin talks fell short; Saudi gains
Most stock markets in the Gulf ended lower on Sunday as high-stakes talks between U.S. President Donald Trump and Russian President Vladimir Putin failed to produce an agreement to resolve the Ukraine conflict. The highly anticipated Alaska summit yielded no agreement to end or pause the war in Ukraine, failing to remove major uncertainties for oil-reliant economies in the Middle East. In Qatar, the index fell 0.5%, hit by a 1.2% fall in the Gulf's biggest lender Qatar National Bank. Leading stock indexes in Bahrain, Oman and Kuwait also ended lower. Saudi Arabia's benchmark index, however, gained 0.6%, helped by a 0.4% rise in Al Rajhi Bank and a 5.2% increase in Dar Al Arkan Real Estate Development. Elsewhere, oil giant Saudi Aramco added 0.4%. Aramco signed an $11 billion rent and leaseback agreement involving its Jafurah gas processing facilities with a consortium led by Global Infrastructure Partners (GIP), part of BlackRock, it said on Thursday. Outside the Gulf, Egypt's blue-chip index advanced 1.1%, with Commercial International Bank gaining 1.7%. Egypt registered a record primary surplus of 629 billion Egyptian pounds ($13 billion) in the 2024-2025 fiscal year, equal to 3.6% of the country's gross domestic product, the presidency said in a statement on Saturday. The primary surplus came 80% above that in the 2023-2024 fiscal year. SAUDI ARABIA rose 0.6% to 10,897 QATAR lost 0.5% to 11,588 EGYPT up 1.1% to 35,973 BAHRAIN eased 0.6% to 1,935 OMAN lost 0.2% to 4,921
