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London copper inches up after sell-off, need pickup hopes

London copper rates inched higher on Wednesday, supported by dipbuying after the market sank to a twoweek low in the previous session and signs of a. need pickup in China.

Three-month copper on the London Metal Exchange was. up 0.5% at $8999 per metric lot as of 0401 GMT. The contract. fell 2.5% on Tuesday to its most affordable level considering that Aug. 13.

The most-traded October copper agreement on the Shanghai. Futures Exchange lost 1.8% to 72,100 yuan ($ 10,140.08). a lot, striking a more than three-week low in early trade.

The large sell-off came due to decreased threat cravings after. weak U.S. production information sparked financial issues.

That contributed to the leading consumer China's lacklustre. manufacturing activity, as signified by its August authorities. survey, and slower development in new home prices.

Traders are bracing for more volatility as the U.S. non-farm. payroll is due on Friday.

Still, a commonly anticipated rate cut by the Federal Reserve in. September and signs of a possible need healing in China led. to purchasing chances, experts stated.

The indications of a need healing in China, stated experts,. include a greater premium << SMM-CU-PND > to buy copper in the area. market and a decrease in inventory.

Guangzhou Futures experts eyed 70,000 yuan per load as a. supporting level for Shanghai copper.

LME aluminium edged 0.3% greater to $2,414 a load,. nickel moved 0.4% to $16,395, zinc little moved. at $2,844, lead increased 0.4% to $2,052.50 and tin. included 0.1% at $30,780.

Shanghai nickel fell 2% to 126,150 yuan a load, over. one-month low, aluminium slipped 0.6% to 19,435 yuan,. zinc dipped 0.1% at 23,655 yuan and tin lost. 1.6% to 251,750 yuan, lead shed 0.4% to 17,200 yuan.

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(source: Reuters)