Copper edges up amid this trading before US inflation data
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. 

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