Business

Copper, aluminum prices gain ahead of U.S. inflation data

Article content

Copper and aluminum prices rose on Wednesday, helped by a slight pullback in the dollar, with investors awaiting U.S. inflation data due later in the day that could have an impact on the Federal Reserve’s policy stance.

FUNDAMENTALS

* Benchmark three-month copper on the London Metal Exchange (LME) was up 1% at $9,321 a tonne, as of 0214 GMT, after falling to its lowest since Dec. 15 on Tuesday.

* LME aluminum rose 1.1% at $2,785 a tonne, after dropping to a near five-month low in the previous session.

Advertisement 2

Article content

* The most-active June copper contract on the Shanghai Futures Exchange was up 0.3% at 71,641 yuan ($10,666.42).

* China’s producer prices rose at the slowest pace in a year in April, despite a surge in global commodity prices, leaving room for more stimulus to shore up the flagging economy, which faces pressure from heavy COVID-19 curbs.

* Peru’s government on Tuesday failed to reach an agreement with a group of indigenous communities whose protests have halted operations at MMG Ltd’s massive Las Bambas copper mine.

* The dollar eased 0.1% after scaling a 20-year high in the previous session, making greenback-denominated metals less expensive for buyers using other currencies.

* Analysts expect the U.S. consumer price index to show a sharp pullback in monthly growth, cooling to 0.2% in April from 1.2% in March.

Advertisement 3

Article content

* COLUMN-Bear funds flex muscles on copper as macro outlook darkens: Andy Home.

* China’s April copper cathode output fell on both a monthly and annual basis, state-backed research house Antaike said on Tuesday, as maintenance and the COVID-19 outbreak in the country curbed smelters from producing more metal.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares were languishing at a near two-year low and the dollar held steady ahead of closely watched U.S. inflation data.

DATA/EVENTS (GMT)

0600 Germany HICP Final YY April

1230 US CPI MM, SA April

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin ($1 = 6.7165 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru;)

Advertisement

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

File source

Tags
Show More

Related Articles

Back to top button
Close