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Metals: copper evolves in a narrow range

29/07/2024
Source : ORISHAS-FINANCE
Categories: Raw materials

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After three consecutive weeks of declines, copper prices moved within a narrow range on Monday. Investors are paying more attention to the global economic outlook from the Federal Reserve meeting and US data releases this week.

Three-month copper on the London Metal Exchange gained 0.1% to $9,121 per metric ton at 01:51 GMT, while the most traded September copper contract on the Shanghai Futures Exchange rose 0.4% to 74,380 yuan ($10,255.77) per ton. After slower than expected economic growth in the second quarter and the absence of stimulus measures from a key political rally, both contracts hit their lowest levels in over three and a half months last week due to concerns about the outlook for Chinese demand.

As for other metals, SHFE aluminum increased by 0.4% to 19,275 yuan per ton, nickel increased by 0.8% to 127,030 yuan, lead fell by 0.7% to 18,610 yuan, lead fell by 0.7% to 18,610 yuan, lead fell by 0.7% to 18,610 yuan, tin rose 0.2% to 247,150 yuan, and zinc fell by 0.1% to 22,670 yuan. LME lead increased 0.7% to $2,082 per ton, zinc rose 0.1% to $2,670.50, tin fell 0.5% to $29,425, nickel rose 0.2% to $15,830, and aluminum fell 0.3% to $2,283

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