Copper edges up amid this trading before US inflation data

Economies.com
2024-02-12 14:39PM UTC

Copper prices edged up on Monday amid thin trading due to the Chinese New Lunar Year holiday, as markets await important US inflation data that could hint at the date of the first Fed rate cut this year.

 

Copper three-month futures at the London Metals Exchange rose 0.1% to $8176 a tonne, after plumbing three-month lows last week at $8127 on concerns about demand in China, the world’s largest copper consumer. 

 

A copper trader stated that conditions are calm due to the Chinese holiday, while concerns about Chinese demand are ongoing. 

 

US consumer prices data scheduled this week could provide crucial hints to the likely date of the upcoming US interest rate cut.

 

Overall, industrial metals are expected to remain under pressure from the tumultuous Chinese real estate market, which could spread worldwide. 

 

Recently, the New York Bancorp bank lost most of its value after reporting losses, due to the perceived decline of the commercial real estate market. 

 

Moving elsewhere, zinc prices fell to $2278 a tonne, the lowest since August due to current market oversupply in the metal used primarily in construction. 

 

Zinc inventories have surged at the London Metals Exchange by nearly 25% since late December, hitting August 2021 highs at 238.275 tonnes. 

 

As for other metals, aluminum fell 0.2% to $2212, while lead added 0.9% to $2050, as tin climbed 1.6% to $26800, while nickel added 0.6% to $16,020.

 

The dollar index rose 0.1% to 104.1 as of 14:27 GMT, with a session-high at 104.2, and a low at 103.9.

 

Copper March futures edged up 0.3% in American trade as of 14:24 GMT to $3.69 a pound. 

Commodities News

Oil News

Commodities

Oil extends gains, US crude clocks in 4.5%% weekly profit
2024-03-01 22:08PM UTC
Oil prices advanced on Friday as investors await OPEC+ decisions on supplies, expected to extend ...
Oil News

Commodities

Oil prices scale 4-month high on speculation about OPEC+ cuts
2024-03-01 13:32PM UTC
Global oil prices rose in European trade on Friday on track for the second straight session, with ...
Silver News

Commodities

Silver on track for seconc weekly loss in a row
2024-03-01 09:41AM UTC
Silver prices fell in European trade on Friday, resuming losses and approaching two-week lows, ...

Commodities Technical Analysis

Oil Analysis

Commodities

Evening update for Crude oil price 01-03-2024
2024-03-01 17:10PM UTC
Crude oil price traded with strong positivity to surpass our first waited target at 80.00 and open ...
Brent oil Analysis

Commodities

Midday update for Brent oil 01-03-2024
2024-03-01 10:40AM UTC
Brent oil price shows positive trades now to test the sideways range’s resistance line that ...
Oil Analysis

Commodities

Midday update for Crude oil 01-03-2024
2024-03-01 10:40AM UTC
Crude oil price leaned on 78.25 level and bounced upwards strongly to breach 78.75 and confirm ...