A weaker dollar and some short-covering helped copper rise

Copper prices rose by 0.48% to ₹821.05, driven by a softer dollar and short-covering activity. China’s pledge to increase debt and stimulate growth boosted sentiment, but it lacked specific details on the stimulus and limited enthusiasm.

China’s weaker-than-expected September trade data raised concerns about demand, while the US Federal Reserve’s cautious interest rate cuts weighed on market sentiment.

The People’s Bank of China injected CNY 642.4 billion via reverse repos, resulting in a net cash withdrawal of CNY 207.6 billion due to maturing loans.

Chilean miner Antofagasta reported a 15% rise in copper output for Q3 2024 due to destocking and better grades at Centinela. The refined copper market showed a surplus of 91,000 metric tons in July, down from 113,000 metric tons in June.

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