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Copper: Prices up this Friday

07/07/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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< MCUSTX-TOTAL>Copper rose on Friday, recovering from three sessions of decline, as inventories in LME-registered warehouses fell to the lowest level since April. However, the focus is on American employment data.

Benchmark copper on the London Metal Exchange (LME) was up 0.6% at $8,314 per metric ton at 1041 GMT, on track to end the week steady after two weekly declines. Copper, which is widely used in the electricity and construction sectors, is down 13% from the peaks reached in mid-January during a fleeting period when a post-pandemic boom was expected in

China.

Copper premiums on the Chinese spot market fell to 60 yuan (8.3 dollars) on Thursday, their lowest level since mid-May, while stocks in warehouses monitored by the Shanghai Futures Exchange rose 9%.

< SMM-CU-PND> < CU-STX-SGH>

In other metals, LME aluminum rose 0.2% to $2,134, tin fell 0.8% to $28,310, nickel lost 2.3% to $20,715, zinc fell 0.3% to $2,356.50, and lead slipped 0.2% to $2,045.50. (Report by Polina Devitt, Supplementary Report by Siyi Liu, Editing by David

Goodman).
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