Copper is ready for its first weekly rise in seven years as China eases its suppression of COVID

Article content

Copper prices in London were set on Friday for the first weekly rise of seven times. This is because deregulation of COVID-19 in China, a major metal consumer, has raised expectations for a recovery in demand, and the depreciation of the US dollar has provided further support.

Basics

* The London Metal Exchange (LME) Benchmark 3-month copper rose 0.4% at 0203 GMT to $ 9,377.50 per ton after rising 2% in the previous session. This week’s contract has risen 2.4% so far.

* The most active June copper contract on the Shanghai Futures Exchange rose 0.5% to 71,710 yuan ($ 10,655.91) tonnes.

Article content

* More Shanghai residents are given the freedom to go shopping for groceries on Thursday for the first time in almost two months as authorities have come up with more plans to end the city-wide COVID-19 blockade more completely. I did.

* The US dollar heads for the worst week since early February against major peers on Friday, with a breathtaking 10% currency surge, after a 14-week surge, the Treasury’s yield recession and fatigue. Was squeezed by.

* The weaker dollar makes greenback-denominated metals cheaper for buyers using other currencies.

By the end of this year, the Federal Reserve will raise interest rates higher than expected just a month ago, and will continue to live on the already significant risks of a recession, according to a Reuters economist poll.

Article content

* Thursday’s Prime Minister of Peru was unable to mediate a deal with the indigenous community to allow resumption of operations at MMG Ltd’s Las Bambas copper mine. This failed in the government’s fourth attempt at negotiations.

* China has lowered its mortgage benchmark reference rate significantly more than expected on Friday’s May fixed, as Beijing is keen to revive credit demand to support its economy.

* Click or for top articles on metals and other news

Market news

* Asian equities surged early on Friday after China devalued key lending benchmarks to support the economic slowdown, but amid concerns over slowing investor growth, global equities The gauge remained set to a record longest weekly loss sequence.

price

3 months LME copper

The most active ShFE copper

3 months LME aluminum

Most active ShFE aluminum

3 months LME zinc

Most active ShFE zinc

3 months LME lead

Most active ShFE lead

3 months LME nickel

Most active ShFE nickel

3 months LME tin

Most active ShFE tin ($ 1 = RMB 6.7296) (reported by Brijesh Patel in Bangalore, edited by Subhranshu Sahu)