The LME cash copper contract trades at a substantial discount to the three-month contract, suggesting adequate near-term supply. This caused a modest decrease in copper prices yesterday, which ended at 801.4. The market’s excess inventory is highlighted by this discount, which is the biggest since at least 1982. Notwithstanding early optimism sparked by China’s better-than-expected…
Aluminium prices rose 0.36% Tuesday, finishing at 207.7, on concerns about the slow rebound in production in China’s Yunnan province. However, the upside was limited due to softer domestic monetary policy expectations and a stronger dollar. Investors remained cautious, anticipating signs of a resurgence in demand from China, the world’s largest metals buyer. Worries about…
Copper prices fell -0.37% to 757.7 on prospects of looser monetary policy and a stronger dollar, hurting investor sentiment towards the industrial metal. Furthermore, growing stockpiles in LME warehouses, which reached their highest levels since February, put downward pressure on copper prices. The increasing disparity between LME cash copper and the three-month contract, the highest…
The previous session saw an increase in aluminium prices of 0.17%, finishing at 204.3, as the market anticipated seasonally increased demand. Gains were, nevertheless, restrained by abundant supplies from China, the world’s largest aluminium manufacturer. Notwithstanding worries about China’s rising inventory levels, analysts speculate that the rise may be a seasonal occurrence ahead of the…
With traders evaluating demand forecasts in China, the largest consumer, after the Lunar New Year break, zinc saw a loss of -1.71%, closing at 212.05. Reviving the housing market and stimulating loan demand are the overarching goals of China’s attempt to lower the benchmark reference rate for mortgages. Zinc concentrate production is planned to commence…
U.S. inflation statistics that sparked worries about possible delays in high-interest rate cuts caused copper to close down by -0.25% at 705.9. Interest rate reduction forecasts were recalculated by traders in response to the surprisingly high U.S. consumer price index in January. Based on the present pricing of Federal funds futures, LSEG’s rate likelihood tool…
China, a major user of zinc, is experiencing a slowdown in demand and the economy, which is reflected in the current downward trend in zinc prices, as was demonstrated by yesterday’s 1.07% drop to settle at 207.6. Setbacks in the Russian zinc market, particularly the production delay at the Ozernoye mine as a result of…
In anticipation of more robust market-supporting policies from China, copper prices fell -0.84% Wednesday, closing at 715.95. The People’s Bank of China implemented measures to stimulate economic growth, including lowering the reserve requirement ratio for financial institutions and executing 100 billion yuan in 14-day reverse repos. In an effort to promote economic expansion, these steps…
Due to a number of variables, including China’s substantial increase in unwrought aluminium imports in 2023, aluminium prices saw a decrease of -1.17% yesterday, ultimately finishing at 202.5. China’s yearly imports more than doubled to 1.54 million metric tones, the second-highest amount since the century’s beginning and just shy of the record set in 2021….
Zinc saw a -1.08% drop, closing at 225.2, as news suggesting a slowdown in Chinese manufacturing activity put pressure on prices. The official NBS Manufacturing PMI for China increased somewhat to 49.2 in January 2024, but this is the fourth month in a row that factory activity has decreased due to issues like property fragility,…
