Copper hits one-week high on Chinese buying
Three-month copper on the London Metal Exchange gained 0.8% to $9,745 per metric ton by 1400 GMT, its strongest since July 9. LME copper has eased from its three-month peak of $10,200.50, hit on July 2, and Chinese participants are buying on dips, Marex senior base metals strategist Alastair Munro said.
'Add to that chatter on wires around a potential US-Sino trade agreement in months ahead...The surprise remains on the topside.' China's commerce minister said on Friday the country, the world's biggest metals consumer, wants to bring its trade ties with the US back to a stable footing.
Hopes for more metals-intensive economic support were buoyed after an official with the industry ministry said China would issue action plans to stabilise growth in the machinery, autos, and electrical equipment sectors.
The most-traded copper contract on the Shanghai Futures Exchange rose 0.7% to 78,410 yuan ($10,922.74) a ton. 'LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops,' a Shanghai-based metals analyst at a futures company said.
Also supporting the market was higher risk appetite among investors in general as stock markets moved higher, and a weaker dollar. A softer dollar makes commodities priced in the greenback less expensive for buyers using other currencies.
US Comex copper futures climbed 1.3% to $5.58 a lb, bringing the premium of Comex over LME copper to $2,554 a ton. Nickel was the weakest performing LME metal on rising inventories and weak demand for the metal mainly used to make stainless steel and electric vehicle batteries. It was up 0.5% to $15,170 a ton after earlier sinking into the red.
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