Latest News

Base metals rangebound ahead of key China policy conference, US election

Base metals traded in a tight variety on Tuesday, as markets waited for an essential conference next week in China for more details on Beijing's stimulus procedures and the outcome of the U.S. governmental election next week.

Three-month copper on the London Metal Exchange (LME). edged 0.4% lower at $9,506 per metric heap by 0526 GMT,. while the most-traded December copper contract on the Shanghai. Futures Exchange (SHFE) relieved 0.3% to 76,420 yuan. ($ 10,704.43) a load.

The leading legislative body in China, the world's greatest. metals consumer, will satisfy from Nov. 4-8, but up until now there has. been no reference on the program of the highly-anticipated debt and. other fiscal measures.

Shorter-term view will be ... aligned to macro such as. Chinese stimulus and what sort of policies the U.S. will enact,. stated a trader, adding that the market is also being risk-averse. ahead of the U.S. governmental election on Nov. 5.

Although everyone keeps talking about copper concentrate. lack next year, it still is a concern of smelter over-. capability worldwide. Need is slow longer-term, the trader. stated, expecting $10,500 as a prospective peak price in 2025.

Copper need has actually been hurt by slowing development worldwide,. particularly in China, although some consumption sectors have been. strong, such as solar and wind energy.

LME aluminium relieved 0.4% to $2,636 a load, zinc. edged down 0.7% to $3,116.50, nickel fell 0.9%. to $15,870, lead declined 0.6% to $2,018.50 and tin. dropped 1.2% to $31,040.

SHFE aluminium fell 1% to 20,735 yuan a load, nickel. dropped 2% to 123,860 yuan, lead edged down. 0.6% at 16,650 yuan, tin declined 1.2% to 253,900 yuan,. while zinc rose 0.5% to 25,030 yuan.

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

(source: Reuters)