Copper Shows Signs Of Gain

COPPER price on the London Metal Exchange (LME) took a breather on Friday but was set to log a second weekly gain, with traders expecting a short-covering rally to gain steam given thin liquidity due to holidays in China.
Zambia’s major export earner copper, has witnessed the price dwindling on the global market due to fears of China’s slowing economy.
According to Reuters, three-month copper on the LME slipped by 0.3 percentage point to US$5,229 a tonne, eroding 2.4 percent gains in the previous session. Prices were set for a 1.6 percent advance last week.
The Shanghai Futures Exchange was closed for a second day as China celebrates the end of World War Two.
LME aluminium prices outperformed other metals last week, rising seven percent to hit a one-month top on Thursday of US$1,641 a tonne.
The metal was backed by a dominant October long, holding over 40 percent of outstanding futures positions.
Global manufacturing and service sector activity expanded in August at the same pace as in July, with both the United State (US) and euro zone doing better than Asia, according to purchasing manager surveys.
In calmer times, the US employment report due to be published on Friday would be the Federal Reserve’s best and last economic signal before it decides whether to raise interest rates later this month for the first time in nearly a decade.
Credit ratings agency, Standard & Poor’s has revised lower its copper price assumptions out to 2017, the agency said on Friday.

Posted by Editor on September 7, 2015. Filed under LATEST NEWS. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.