- Write by:
-
Tuesday, April 2, 2024 - 19:39:17
-
98 Visit
-
Print
Copper rallied back above $9,000 a ton as investors weighed upbeat factory data from top consumer China and the potential for output cuts by the country’s leading smelters.
Investors are becoming more optimistic about the world’s second-largest economy after the official manufacturing purchasing managers index in March registered the highest reading in a year, the latest green shoot alongside strong exports and rising consumer prices. A factory gauge in the US also unexpectedly halted 16 straight months of decline.
“The economic data is aiding market sentiment, signaling a recovery in manufacturing industry,” analysts at Galaxy Futures wrote in a note, adding the trend supports consumption of raw materials like copper which is facing potential supply-side constraints.
China’s smelters, which produce over half the world’s refined copper, are considering output cuts after processing fees fell to near zero.
Still, the solid US factory data reinforced speculation that the Federal Reserve will be slow to cut interest rates, which could weigh on the outlook for commodities. Bond traders have priced in less easing by the Fed this year and briefly set the odds of a first move in June below 50%.
Copper climbed 1.5% to $9,000 a ton on the London Metal Exchange by 4:15 p.m. local time, after earlier rising as much as 2%. Aluminum jumped as much as 2.2% to $2,387.50, its highest level since January. Zinc rallied 1.8%, as all metals except lead rose.
Short Link:
https://www.miningnews.ir/En/News/628205
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
No comments have been posted yet ...