Copper Prices Diverge Globally As Markets Eye Chinese Stimulus And Dollar Movements
Date
10/10/2024 7:00:15 PM
(MENAFN- The Rio Times) The copper market witnessed mixed performance across different exchanges today. New York saw an uptick in copper prices while London experienced a decline.
Traders closely monitored potential stimulus news from China and the dollar's behavior. Copper futures for December delivery rose by 0.63% to $4,427.50 per pound on the Comex division of the New York Mercantile Exchange.
This increase came after three consecutive sessions of decline. Meanwhile, three-month copper contracts on the London Metal Exchange (LME ) fell by 0.56% to $9,711.00 per ton.
The recent strength of the dollar and disappointment with China's latest stimulus announcements influenced market sentiment.
However, optimism remained regarding the upcoming statement from China's Ministry of Finance scheduled for Saturday. Analysts at ING noted that metal price increases depend on the strength and speed of implementing any stimulus measures.
The Nanhua Futures team viewed the recent correction as natural following "excessive gains" and suggested that it would take time for stimuli to translate into copper demand.
Market Dynamics
U.S. authorities have accused Chinese company CMOC of flooding the market to hinder investments in cobalt production. CMOC now controls over a third of the global cobalt supply.
The company claims that a significant portion is a byproduct of copper production and maintains it is acting responsibly. Other metals traded on the LME showed mixed results.
Aluminum rose by 0.66% to $2,587.00 per ton, while tin decreased by 0.12% to $32,865.00 per ton. Zinc increased by 0.52% to $3,092.50 per ton, lead fell by 1.71% to $2,070.00 per ton, and nickel declined by 1.35% to $17,520.00 per ton.
Iron ore prices also closed lower in both Dalian and Singapore markets. These movements reflect the complex interplay of global economic factors affecting metal commodities.
In short, traders continue to watch for signs of economic recovery and policy changes that could impact demand and prices.
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