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Precious metals: Copper is evolving despite the Fed's outlook

02/09/2024
Categories: Raw materials

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Investors were evaluating the prospects of lower interest rates in the United States and the demand of the main Chinese consumer. However, copper prices remained stuck in a tight range on Monday.

Three-month copper on the London Metal Exchange rose 0.1% to $9,245.50 per metric ton at 01:31 GMT, after registering a slight increase in August, with the growing prospect of a fall in rates in September.

The most traded copper contract in October on the Shanghai Futures Exchange fell by 0.2% to 73,860 yuan ($10,417.49) per ton.

Copper is growing thanks to China's hopes and should post a monthly gain

Copper stocks have declined in recent weeks after falling prices encouraged shopping, also with a good traditional fall season.

LME aluminum fell 0.1% to $2,445 per ton, nickel fell 0.7% to $16,650, zinc fell 0.7% to $2,877, zinc fell 0.7% to $2,877, lead rose 0.5% to $2,877, lead increased 0.5% to $2,063 per ton, and tin lost 0.9% to $32,055.

SHFE aluminum fell by 0.5% to 19,650 yuan per ton, lead gained 0.2% to 17,330 yuan, while nickel fell by 2.7% to 127,960 yuan, zinc fell by 2.7% to 127,960 yuan, zinc fell by 0.9% to 23,815 yuan per ton, and tin lost to 260,290 yuan.

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