London’s Metal Exchange (LME) copper company rebounded in Wednesday after 5th, as a result of expected supply shortages over the longer term, attracting some buyers, encore news, September 27.
London time September 27 17:00 (Beijing time September 28 00:00), three-month copper 0.4%, reported a ton of 6,438 U.S. dollars, but less than the daily high 6,491 per ton. Copper last week hit the lowest level of $6,366 per ton in August.
Spot copper is narrower than the three-month copper price gap, extending to the widest level in nearly a decade in Tuesday, reflecting the lack of spot copper demand.
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The external market is also propping up the appetite for boom-like assets, and the Republican Party introduced a tax-change plan to boost global equity markets. However, the prospect of a third rate hike in the US this year boosted the dollar and curbed the rally in the basic metals market.
Casper Burgering, an analyst at ABN Amro, said copper prices had started to plunge this week, but in the longer term, copper fundamentals were quite strong.
Not only is China’s demand good, but its demand for other industries, such as electric cars, is growing faster in the longer term, it says. At this stage, the basic face of price increases have a lot of support.
LME three-month period of zinc received 0.4%, reported a ton of US $3,105.
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Three-month lead fell 1% to $2,462 per ton.
Three-month nickel fell 2.2% to $10,240 per ton.
Shanghai bonded warehouse nickel water rose $55 to $295 a tonne, indicating that some investors may be anxious to return short before China’s National Day holiday next week.
Three-month tin no change, reported at $20,700 per ton.
The three-month aluminium charge was 0.3%, at $2,132 per ton.
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