https://www.miningweekly.com
Aluminium|Copper|Financial|Operations
Aluminium|Copper|Financial|Operations
aluminium|copper|financial|operations

Copper rises on weaker dollar, investors eye US inflation data

14th February 2023

By: Reuters

  

Font size: - +

Copper prices edged higher on Tuesday, as a weaker U.S. dollar made greenback-denominated metals more attractive to holders of other currencies.

Three-month copper on the London Metal Exchange CMCU3 rose 0.2% to $8,958 a tonne by 0803 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.8% to 68,680 yuan ($10,070.23) a tonne.

The dollar slipped as investors braced for the U.S. consumer price index data due later in the day, amid tentative signs that inflation there is cooling.

"Commodity markets will be eagerly awaiting today's U.S. CPI data, which will shed some light on how much more work the U.S. Fed (Federal Reserve) has to do to bring down inflation," ING analysts said in a report.

Freeport-McMoRan cut its first-quarter copper sales forecast after heavy rains and landslides shut operations at its Grasberg mine in Indonesia over the weekend, with the mine not expected to be back online until the end of the month.

However, copper bulls are still exercising caution given the lack of speedy demand recovery in top consumer China.

"Following the end of the Chinese New Year holidays, there is a lack of consumption out of the region. Stimulus is not being realised, ... sentiment is also low, with consumer propensity to spend low," Sucden Financial said in a report.

"Metals are in contango, and with premiums low, underlying consumption is not yet there."

LME aluminium CMAL3 advanced 0.7% to $2,428.50 a tonne, while nickel CMNI3 fell 0.4% to $26,520 a tonne, zinc CMZN3 declined 0.3% to $3,087.50 a tonne and tin CMSN3 shed 1% to $27,250 a tonne.

SHFE aluminium SAFcv1 edged up 0.3% to 18,595 yuan a tonne, zinc SZNcv1 advanced 0.7% to 23,180 yuan and lead SPBcv1 increased 0.2% to 15,270 yuan, while tin SSNcv1 fell 0.7% to 215,480 yuan and nickel SNIcv1 dropped 2% to 207,190 yuan.

For the top stories in metals and other news, click

Edited by Reuters

Comments

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.205 0.243s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: