METALS-London copper surpasses $10,000/T, set for best week since 2016

HomeStock

METALS-London copper surpasses $10,000/T, set for best week since 2016


Oct 15 (Reuters)London copper prices were on track for their biggest weekly gain in nearly five years on strong risk sentiment in the financial markets and as the metal surpassed a key psychological level.

Three-month copper on the London Metal Exchange CMCU3 rose 0.4% to $10,028 a tonne by 0312 GMT, up 7.1% on a weekly basis and on track for its strongest weekly rise since November 2016.

The metal surpassed $10,000 a tonne in late trading on Thursday, the first time it has done so since June 14.

U.S. stocks powered ahead overnight after data showed a fall in new claims for unemployment benefits, lower-than-expected factory gate price inflation and forecast-beating results for the four largest U.S. consumer banks.

Copper is often used as a gauge of global economic health due to its widespread usage across industries.

The most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 advanced 2.8% to 73,840 yuan ($11,474.75) a tonne, up 6.6% on a weekly basis.

FUNDAMENTALS

* Cash copper on the LME was at a $147-a-tonne premium over the three-month contract CMCU0-3, the highest level since April 2012, indicating shortage of nearby supplies.

* LME aluminium CMAL3 rose 0.7% to $3,137.50 a tonne, while ShFE aluminium SAFcv1 increased 1.7% to 23,860 yuan a tonne, ShFE zinc SZNcv1 climbed 2.5% to 25,530 yuan a tonne and ShFE tin SSNcv1 advanced 1.5% to 279,080 yuan a tonne.

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

TOP/MTL or MET/L

MARKETS NEWS

* Asian shares advanced, warmed by the embers of a strong day on Wall Street which also supported risk-friendly currencies and hurt the safe-haven yen, though worries about the Chinese economy capped gains. MKTS/GLOB DATA/EVENTS (GMT)

0645 France CPI (EU Norm) Final MM YY Sept

1000 EU Reserve Assets Total Sept

1230 US Retail Sales MM Sept

1400 US U Mich Sentiment Prelim Oct

($1 = 6.4350 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Krishna Chandra Eluri)

(([email protected]; +842438259623; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



www.nasdaq.com