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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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London copper set for fourth weekly gain on recovery hopes, falling stockpiles

11/26/2020 | 09:58pm EST

Nov 27 (Reuters) - London copper was on track for its fourth straight weekly gain on Friday, as hopes of a vaccine against COVID-19 buoyed prospects of a swift global economic recovery, while falling global inventories also aided sentiment.

Combined copper stockpiles in LME, ShFE, COMEX and Chinese bonded warehouses fell to 692,510 tonnes, their lowest since Oct. 12, driven by a drop in ShFE inventories <CU-STX-SGH> that were near a six-year low at 96,766 tonnes, Refinitiv Eikon data showed.

Three-month copper on the London Metal Exchange rose 0.2% to $7,417 a tonne by 0238 GMT, up 1.9% on a weekly basis.

LME copper has leaped 70% from the 2020 low hit in March of $4,371 a tonne, as investors hoped the world's activities could soon return to normalcy following positive COVID-19 vaccine results, while global stimulus, a weaker dollar and a rebound in demand also boosted prices.

The most-traded January copper contract on the Shanghai Futures Exchange advanced 1% to 55,490 yuan ($8,433.52) a tonne, also on track for the fourth straight week of gain.

FUNDAMENTALS

* LME nickel hit a one-year high at $16,450 a tonne, while ShFE nickel rose as much as 3% to near a one-month high at 122,940 yuan a tonne. LME aluminium advanced 0.4% to $1,984 a tonne and ShFE aluminium was up 1.5% to 16,215 yuan a tonne.

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

MARKETS NEWS

* Asian shares fell slightly, pulling back from a record high hit earlier this week, amid renewed doubts about a highly-anticipated coronavirus vaccine and concern about the economic impact from the pandemic.

DATA/EVENTS AHEAD (GMT)

0745 France GDP QQ Final Q3

0745 France CPI (EU Norm) Prelim YY Nov

1000 EU Consumer Confidence Final Nov

1100 Brazil IGP-M Inflation Index Nov

1200 India GDP Quarterly YY Q2

($1 = 6.5797 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.66% 6.5537 Delayed Quote.4.64%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.37% 6.4956 Delayed Quote.-0.15%
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