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Base metals trading in caution ahead of fresh China stimulus

Base metals were trading combined on Friday and in caution, as the market waited for more details of fresh Chinese stimulus after a key political meeting today.

Three-month copper on the London Metal Exchange (LME). fell 0.9% to $9,579.50 per metric lot by 0621 GMT, while. the most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) advanced 1.2% to 76,900 yuan. ($ 10,754.19) a heap.

Beijing will conclude its five-day legislative conference later. in the day, with traders and financiers carefully expecting more. information of China's stimulus procedures.

The market is waiting with bated breath for China's NPC. ( National People's Congress) statements, stated a trader,. noting that prices are cushioned by hopes of a possible big. liquidity injection by China.

The better-than-expected information from China, where exports grew. at the fastest rate in more than two years in October and the. increasing unwrought copper imports assisted metals prices today.

On a weekly basis, both copper contracts are set to. gain, albeit just a little, as Donald Trump's U.S. governmental. win might suggest more trade frictions that will moisten growth and. metals need.

Nevertheless, Trump's win also bolstered market's hopes for a. more aggressive stimulus plan from China.

LME aluminium reduced 0.2% to $2,689 a heap, nickel. edged down 0.3% to $16,545, zinc fell 0.8% to. $ 3,027, while lead advanced 0.2% to $2,041.50 and tin. increased 0.1% to $31,840.

SHFE aluminium climbed up 1.8% to 21,590 yuan a heap,. nickel jumped 2.7% to 129,300 yuan, zinc alleviated. 0.1% to 24,900 yuan, lead increased 0.5% to 16,875. yuan, and tin climbed 1.1% to 261,330 yuan.

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(source: Reuters)