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Copper: strong rebound on Monday thanks to weak stocks

21/08/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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Copper rebounded thanks to weak stocks and Chinese concerns that are limiting gains.

Low inventories in China and rising overseas inventories led to a favorable import condition last week. Copper prices rebounded on Monday after registering a third consecutive weekly decline, helped by low inventories and expectations of demand picking up in the fall, but the gains were limited by China's economic and housing woes

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Copper at three months on the London Metal Exchange was up 0.5% to $8,279.50 per metric ton at 0558 GMT, and the September copper contract most traded on the Shanghai Futures Exchange added 0.5% to 68,620 yuan ($9,388.81) per ton.

At LME, aluminum increased 0.3% to $2,142.50 per metric ton, tin rose 0.3% to $25,335, zinc increased 0.5% to $2,312, nickel increased 0.5% to $20,240, while lead slipped 0.2% to $2,146.

SHFE aluminum increased by 0.4% to 18,515 yuan per metric ton, zinc increased by 0.8% to 20,210 yuan, lead increased by 0.4% to 16,145 yuan, tin increased by 1.2% to 215,410 yuan, while nickel moved little to 16,167,530 yuan.

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