Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Commodities  >  LME Copper Cash       


SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Industrial metals jump on China demand optimism, copper at 29-month high

11/15/2020 | 11:47pm EST

Nov 16 (Reuters) - Industrial metals rose on Monday, with copper prices hitting 29-month highs and Shanghai aluminium scaling a three-year peak, on optimism around demand in top metals consumer China.

Three-month copper on the London Metal Exchange jumped as much as 2.8% to $7,179 a tonne, the strongest since June 14, 2018.

The most-traded copper contract on the Shanghai Futures Exchange gained as much as 3.5% to 53,800 yuan ($8,173.31) a tonne, the highest since June 15, 2018.

China's industrial output rose at a faster-than-expected pace in October, mirroring strong metals consumption in the world's second-largest economy.

Copper and aluminium were also supported by last week's data showing declines in inventories in warehouses monitored by the Shanghai exchange, analysts said.

London aluminium rose 0.7% to $1,945 a tonne, its strongest since March 20, 2019. Shanghai aluminium jumped 0.9% to a three-year high of 15,585 yuan a tonne.

"The relative strength between the two markets saw the aluminium arbitrage briefly turn positive for China to import," commodity strategists at ING said in a note.

"This could suggest that the strong imports we have seen since (the second quarter) may repeat themselves in November if traders have seized this opportunity."


* China's aluminium output in October rose 9.7% from a year earlier to a record high.

* Chile's Candelaria copper mine offered an improved contract deal to one of two unions on strike at the deposit in a bid to re-start production.

* In London, nickel rose 1.6% to $16,150 a tonne, zinc jumped 1.8% to $2,676.50, while lead gained 1.1% to $1,914 and tin advanced 1.3% to $18,630.

* In Shanghai, nickel climbed 1.4% by noon break, zinc added 1.5%, lead gained 0.2% and tin advanced 1.3%.

* For the top stories in metals, click or (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.4845 Delayed Quote.-0.49%
All news about LME COPPER CASH
01/22China copper producer Zhongtiaoshan closes in on backdoor listing
01/22China Gold International Resources Up 8% as 2020 Gold and Copper Output Tops ..
01/22Imperial Metals Says Huckleberry East Zone Drilling Confirms Copper Mineraliz..
01/22Coda Minerals Meets Investment Requirement for 70% Stake in Elizabeth Creek C..
01/22Copper falls as rising COVID-19 cases in China stoke demand worries
01/22MMG : Australia's MMG CEO sees short term upside momentum for copper
01/21Copper dips as China's rising COVID-19 cases spook demand outlook
01/21PRESS RELEASE : Aurubis AG: Aurubis increases forecast for current fiscal year
01/21Native Mineral Resources Identifies Porphyry Intrusions at Leane's Copper Pro..
01/20Force Commodities Encounters Massive Copper Sulphides at Mahab 4 Deposit in O..
More news
Duration : Period :
LME Copper Cash Technical Analysis Chart | MarketScreener