Industrial Metals were subdued on Wednsday, Weighed by a Higher Dollar, While Improved Risk Across Across Financial Markets Following Us President Donald Trump’s Latest Tariff Respits’ Support.
Three-month copper on the London metal exchange was down 0.1% at $ 9,585 per metric ton by 0704 gmt.
The most-traded copper contract on the Shanghai futures exchange (shfe) edged 0.1% lower to 78,200 yuan ($ 10,868.36) per ton.
The dollar index added to overnight Gains, Making Dollar-Denominated Assets More Expensive to Holders of Other Currencies.
The Global Refined Copper Market Showed A 17,000 Metric Tons Surplus in March, Compared with A 180,000 Metric Tons Surplus in Februry, The International Copper Study Group Bulletin.
However, Risk Sentiment Received a Boost in the Wider Financial Markets after Trump Rolded Back on Sunday His Threat to Impose 50% Tarifs on Imports on Imports on Talks.
“Copper prices in the last two weeks have been trading in line with all sentiment in the global stock market. Trade optimism has lifted the US stock market and it has a Kind of a Spill Over I. Prices as well, “Said kelvin wong, a Senior Market Analyst, Asia Pacific at Oanda.
Also supporting Risk Sentiment was data on tuesday that shows us consumer confidence snapped but straight months of decline and improved in May AMID the truce in the trude in the trit
Among other london metals, aluminum eased 0.3% to $ 2,478 a ton, zinc fell 0.7% to $ 2,688, lead 0.4% to $ 1,977 and nickel weakened 1.6% to $ 15,165. Tin was down 2.3% to $ 31,840.
Shfe aluminum rose 0.2% to 20,095 yuan a ton, lead was down 0.5% at 16,705 yuan, nickel slipped 2.1% to 119,800 yuan, while zinc dipped 0.9% to 22,210 yuan and tin fell 3.1% to 256,870 yuan. ($ 1 = 7.1952 chinese yuan renminbi) (reporting by brijesh patel in Bengaluru; Editing by
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