Copper inches up on weaker dollar; investors watch US trade talks
The LME three-month copper gained 0.15 per cent to US$9,883.5 per metric ton by 0103 GMT, and the SHFE most-traded copper contract gained 0.1 per cent to 79,840 yuan (US$11,145.23).
"The worries on the rising US government deficit has weakened the dollar, (which is) supportive to commodities, and my focus for this week will be on the US trade talks," said a Beijing-based metals analyst from a futures company.
The dollar index, against a basket of currencies including the yen and the euro, fell 0.35 per cent to 96.86 on Monday, on track for its sixth straight month of losses, and set to mark its worst half-year since the 1970s.
A softer dollar makes greenback-priced commodities less expensive for buyers using other currencies.
The US and China had resolved issues around shipments of Chinese rare earth minerals and magnets to the US further modifying a May deal in Geneva, the US Treasury Secretary Scott Bessent had said last week.
Countries could still face sharply higher tariffs on July 9 even if they are negotiating in good faith, Bessent said, adding that any potential extensions will be up to Trump.
LME nickel fell 0.33 per cent to US$15,165 a ton, zinc eased 0.31 per cent to US$2,743, and lead fell 0.12 per cent to US$2,042.5.
SHFE nickel fell 0.65 per cent to 120,180 yuan, zinc fell 0.51 per cent to 22,320 yuan, tin dropped 0.27 per cent to 267,410 yuan, and lead ticked down 0.15 per cent to 17,120 yuan.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Tax operations declared as "essential services" in Bangladesh
DHAKA, July 1 (Xinhua) -- The Bangladeshi interim government has declared tax operations as "essential services," in a bid to better safeguard local and foreign trade and commerce. Bangladesh's Ministry of Labor and Employment issued a gazette notification in this regard Tuesday. According to the notification, tax operations are declared as essential operations for meeting revenue collection targets of the government and for keeping the financial management of the government dynamics. The Bangladeshi interim government last month through an ordinance created two new divisions by abolishing the country's National Board of Revenue in an apparent move to modernize tax administration and boost revenue collection. The ordinance stated that the Revenue Policy Division will monitor the implementation of tax laws while the Revenue Management Division will mainly look into revenue collection. The restructuring reportedly followed a key condition set by the International Monetary Fund to separate tax policy from administration. The Washington-based lender has long pushed for tax reforms to raise Bangladesh's tax-to-GDP ratio, one of the lowest in Asia.
The Star
an hour ago
- The Star
China's EVE Energy launches Shenyang battery base targeting cold climates
SHENYANG, July 1 (Xinhua) -- Chinese lithium battery manufacturer EVE Energy on Monday put into operation its production base in Shenyang, capital of northeast China's Liaoning Province, aiming to develop batteries capable of withstanding extreme cold, and marking a milestone for the region's new energy sector. The Shenyang facility, backed by a 10-billion-yuan (about 1.4 billion U.S. dollars) investment from the Huizhou-based company in south China's Guangdong Province, will mainly produce low-temperature resistant, high-density and highly reliable energy storage and power batteries, aiming at addressing the critical industry challenge of poor battery performance in frigid regions. EVE Energy's research center on the application of lithium batteries in cold climates was concurrently unveiled. According to its director Li Wei, the center will leverage the company's technology and regional partnerships to develop new materials and technologies, significantly boosting battery performance in low temperatures including charge-discharge efficiency. The center is also committed to becoming a national-level energy innovation platform, providing strong support for the green energy transformation of northeast China's old industrial base, Li noted. Tiexi District, where the base is located, is home to Shenyang's new energy vehicle industrial cluster and is pursuing high-end, smart, and green manufacturing. The district has amassed 450 key projects worth 181.6 billion yuan this year, including 185 new and 265 ongoing constructions.
New Straits Times
2 hours ago
- New Straits Times
More investors flocking to 'stable' Europe
PETER Roessner is feeling both sides of United States President Donald Trump's trade war. While tariff risks mean the chief executive officer of Luxembourg-based hydrogen firm H2Apex can no longer rely on US suppliers for its more than €200 million project in Lubmin, Germany, investor interest in European projects is rising. "Investors in the hydrogen sector are now focusing more on the European market due to the absolute uncertainty and planning insecurity in the US," he said, adding that this included both local and US players. "The framework conditions in Europe are not ideal, but they are stable." Roessner's comments are indicative of a trend that has taken hold in recent months: Investors and companies are increasingly turning to Europe, drawn by an infrastructure- and defence-led spending push that offers stability at a time when Trump's erratic tariff policies have made the US market a less safe bet, according to more than a dozen interviews with executives and fund managers. The shift has also been fuelled by Trump's tendency to make sweeping tariff threats and announcements that are then often delayed or changed, and to draw up executive orders that have tested the limits of his presidential power. "The US is coming from a very capital market-friendly and stable environment. Now, there is political intervention and also an attempt to expand power," said Christoph Witzke, who heads the CIO office at Deka, one of Germany's largest investment funds. "This creates uncertainty that some kind of intervention ... could come at any time," he said, adding that Europe had become the centre of attention in the most recent investor conferences as a result. With a July 9 deadline for a trade deal less than two weeks away — and Trump saying he will impose 50 per cent tariffs on all European Union goods without a deal — investors have started shifting their money. Data from LSEG's Lipper Funds show that more than US$100 billion has flowed into European equity funds so far this year — up threefold from the same period last year — while outflows from the US more than doubled to nearly US$87 billion. "All that is an indication that at least market forces, investors, those who move real money around, actually see value and have confidence in Europe," said European Central Bank president Christine Lagarde earlier this month. This shift in focus was also illustrated by the weak market debut of Holcim's North American spin-off Amrize late last month, which was announced to much fanfare in early 2024 at a time when the lure of US valuations also got some of its rivals excited. In contrast, the share price of Holcim itself, now squarely focused on Europe, Latin America and North Africa, soared 15 per cent. Siemens Energy, which makes more than a fifth of its sales in the US, has noted a shift in sentiment, said finance chief Maria Ferraro, on the back of a recent US roadshow and an 84 per cent rise in the group's share price year-to-date. Apart from the improved market view, more investments are also crucial in efforts to revive the EU's economy and narrow its competitiveness gap compared with other regions, most notably China and the US. Closely watched foreign direct investment flows into Germany, the bloc's largest economy, more than doubled to €46 billion in the first four months of 2025, according to the most recent data from the Bundesbank, marking the highest level since 2022. It also shows that German companies even pulled money out of the US in three of the first four months of the year, with their balance of foreign direct investments in April at a negative €2.38 billion. Negative balances emerge when companies either divest more than they invest in a foreign country or decide against extending credit lines to local counterparts. But the picture is not all rosy, with several investors pointing out that Europe is now under pressure to act faster, create better regulation and make good on its spending pledges. "This sentiment can quickly turn again. This should be both a warning and an incentive to use the momentum now and consistently implement the planned agenda," said Stefan Wintels, head of German state-backed lender KfW.
