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Business Recorder
2 days ago
- Business
- Business Recorder
Copper range-bound as investors navigate mixed market signals
BEIJING: Copper prices traded in a tight range on Tuesday, with traders remaining cautious as mixed market signals cast a shadow over the direction. A stronger US dollar remained a drag for the base metals complex, as it makes commodities priced in the greenback more expensive for buyers using other currencies. Traders are still closely monitoring prospects for the Federal Reserve's rate cuts. However, hopes of stronger seasonal demand in top consumer China lingered, supporting prices of the red metal used in power and construction sectors. The most-traded copper contract on the Shanghai Futures Exchange closed daytime trade 0.16% lower at 78,890 yuan ($10,985.02) per metric ton. The benchmark three-month copper on the London Metal Exchange, however, added 0.36% to $9,769 a ton, as of 0725 GMT. Copper markets will be closely watching EU and US manufacturing Purchasing Managers Index (PMI) data releases due on Thursday. Softer numbers will reinforce current demand concerns while any upside surprises could provide short-lived support, analysts at consultancy Benchmark Mineral Intelligence (BMI) said in a note. China's imports of refined copper remained weak due to unfavourable arbitrage between SHFE and LME warehouses, BMI analysts said, expecting the import premium to continue at a low level as domestic copper production keeps increasing. Additionally, output in Peru, the world's third-largest copper producer, rose 7.1% year-on-year in June, thanks to the robust increase at the MMG-controlled Las Bambas mines. However, China's latest pledge to continue boosting consumption reignited demand hopes. SHFE aluminium dipped 0.22%, nickel dropped 0.37%, zinc shed 0.69% while lead advanced 0.21% and tin climbed 0.46%. LME aluminium fell 0.48%, nickel lost 0.11%, zinc ticked down 0.04% while lead gained 0.66% and tin advanced 0.68%.
New Straits Times
2 days ago
- Business
- New Straits Times
Copper range-bound as investors navigate mixed market signals
BEIJING: Copper prices traded in a tight range on Tuesday, with traders remaining cautious as mixed market signals cast a shadow over the direction. A stronger U.S. dollar remained a drag for the base metals complex, as it makes commodities priced in the greenback more expensive for buyers using other currencies. Traders are still closely monitoring prospects for the Federal Reserve's rate cuts. However, hopes of stronger seasonal demand in top consumer China lingered, supporting prices of the red metal used in power and construction sectors. The most-traded copper contract on the Shanghai Futures Exchange closed daytime trade 0.16 per cent lower at 78,890 yuan (US$10,985.02) per metric ton. The benchmark three-month copper on the London Metal Exchange, however, added 0.36 per cent to US$9,769 a ton, as of 0725 GMT. Copper markets will be closely watching EU and U.S. manufacturing Purchasing Managers Index (PMI) data releases due on Thursday. Softer numbers will reinforce current demand concerns while any upside surprises could provide short-lived support, analysts at consultancy Benchmark Mineral Intelligence (BMI) said in a note. China's imports of refined copper remained weak due to unfavourable arbitrage between SHFE and LME warehouses, BMI analysts said, expecting the import premium to continue at a low level as domestic copper production keeps increasing. Additionally, output in Peru, the world's third-largest copper producer, rose 7.1 per cent year-on-year in June, thanks to the robust increase at the MMG-controlled Las Bambas mines. However, China's latest pledge to continue boosting consumption reignited demand hopes. SHFE aluminium dipped 0.22 per cent, nickel dropped 0.37 per cent, zinc shed 0.69 per cent while lead advanced 0.21 per cent and tin climbed 0.46 per cent. LME aluminium fell 0.48 per cent, nickel lost 0.11 per cent, zinc ticked down 0.04 per cent while lead gained 0.66 per cent and tin advanced 0.68 per cent.
Business Recorder
2 days ago
- Business
- Business Recorder
Copper rangebound as investors navigate mixed market signals
BEIJING: Copper prices traded in a tight range on Tuesday, with traders staying cautious as mixed market signals cast a shadow on directions. A stronger US dollar, with investors still closely monitoring prospects for the Federal Reserve's rate cuts, remained a drag for the base metals complex, as it makes commodities priced in the greenback more expensive for buyers using other currencies. But hopes of stronger seasonal demand in top consumer China lingered, supporting prices of the red metal used in power and construction sectors. The most-traded copper contract on the Shanghai Futures Exchange dipped 0.13% to 78,920 yuan ($10,982.92) per metric ton, as of 0259 GMT. Benchmark three-month copper on the London Metal Exchange, however, added 0.2% to $9,752.5 a ton. Copper markets will be closely watching Thursday's EU and US manufacturing Purchasing Managers Index (PMI) data releases, as softer prints would reinforce current demand concerns while any upside surprises could provide short-lived support, analysts at consultancy Benchmark Mineral Intelligence (BMI) said in a note. China's imports of refined copper remained weak due to unfavourable arbitrage between SHFE and LME warehouses, BMI analysts said, expecting the import premium to continue at a low level as domestic copper production keeps increasing. Additionally, output in Peru, the world's third-largest copper producer, rose 7.1% year-on-year in June, thanks to the robust increase at the MMG-controlled Las Bambas mines. However, China's latest pledge to continue to boost consumption reignited demand hopes. SHFE aluminium dipped 0.12%, nickel dropped 0.51%, tin fell 0.33% and zinc shed 0.65%, while lead advanced 0.21%. LME aluminium fell 0.29%, nickel lost 0.57%, zinc ticked down 0.11%, while lead gained 0.36% and tin was little changed.
