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Business Recorder
4 days ago
- Business
- Business Recorder
Copper slips from three-month peak on Chinese data
LONDON: Copper prices slipped on Friday from a three-month peak after weak data in top metals consumer China and some profit-taking, but losses were modest due to underlying tightness and buoyant premiums. London Metal Exchange benchmark three-month copper fell 0.5% to $9,850.50 per metric ton by 1430 GMT, having hit $9,917, its highest since March 27. It was up 2.2% for the week. Data showed that China's industrial profits swung back into sharp decline in May from a year earlier, as factory activity slowed. 'Falling industrial profits is not a good sign for the industrial sector in general, but it's not a straight line translation to lower copper demand,' said Nitesh Shah, commodity strategist at WisdomTree. 'What we see is that the copper-intensive stories are probably still very much in full force at the moment.' Spending by China on its power grid, for example, has been strong, Shah added. It hit a record last year and was up 19% in the first five months of 2025, Citi said in a note. Copper on the Shanghai Futures Exchange rose 1.5% to 79,920 yuan ($11,148.93), having hit 80,060 yuan, its highest since March 31. It was up 2% for the week. Expectations that the United States will impose tariffs on copper imports have pulled metal to that country, leaving shortages elsewhere. Data on Friday showed that inventories in warehouses monitored by ShFE slid 19% from the previous week to 81,550 tons, down 70% over the past four months. LME copper stocks have tumbled 66% in the same period, sending premiums for nearby contracts soaring. The premium for the LME cash copper contract over the three-month contract retreated on Friday to $207 a ton from $320 a ton on Thursday, its highest since November 2021. US Comex copper futures fell 1.4% to $5.05 a lb, bringing the premium of Comex over LME copper to $1,286 a ton, slightly weaker than on Thursday. Among other metals, LME aluminium added 0.2% to $2,589.50 a ton and nickel gained 0.4% to $15,265 while zinc land lead were little changed at $2,767 and $2,039 respectively, and tin fell 0.6% to $33,560.
Zawya
5 days ago
- Business
- Zawya
Copper slips from three-month peak on Chinese data
Copper prices slipped on Friday from a three-month peak after weak data in top metals consumer China and some profit-taking, but losses were modest due to underlying tightness and buoyant premiums. London Metal Exchange benchmark three-month copper fell 0.5% to $9,855 per metric ton in official open-outcry trading, having hit $9,917, its highest since March 27. It was up 2.2% for the week. Data showed that China's industrial profits swung back into sharp decline in May from a year earlier, as factory activity slowed. "Falling industrial profits is not a good sign for the industrial sector in general, but it's not a straight line translation to lower copper demand," said Nitesh Shah, commodity strategist at WisdomTree. "What we see is that the copper-intensive stories are probably still very much in full force at the moment." Spending by China on its power grid, for example, has been strong, Shah added. It hit a record last year and was up 19% in the first five months of 2025, Citi said in a note. Copper on the Shanghai Futures Exchange rose 1.5% to 79,920 yuan ($11,148.93), having hit 80,060 yuan, its highest since March 31. It was up 2% for the week. Expectations that the United States will impose tariffs on copper imports have pulled metal to that country, leaving shortages elsewhere. Data on Friday showed that inventories in warehouses monitored by ShFE slid 19% from the previous week to 81,550 tons, down 70% over the past four months. LME copper stocks have tumbled 66% in the same period, sending premiums for nearby contracts soaring. The premium for the LME cash copper contract over the three-month contract retreated on Friday to $250 a ton from $320 a ton on Thursday, its highest since November 2021. U.S. Comex copper futures fell 1.2% to $5.06 a lb, bringing the premium of Comex over LME copper to $1,311 a ton, slightly weaker than on Thursday. Among other metals, LME aluminium dipped 0.1% to $2,580 a ton, zinc shed 0.5% to $2,755, lead fell 0.3% to $2,033, nickel was little changed at $15,210 while tin rose 0.5% to $33,930. For the top stories in metals, click ($1 = 7.1684 Chinese yuan)
Hindustan Times
5 days ago
- Business
- Hindustan Times
Gold price today in US: Spot dips to $2,283 amid easing global tensions
Gold prices slid over 1% on Friday, hitting the lowest level in almost a month. The drop comes as worries around global conflict and trade eased a bit, and traders waited for fresh US inflation data to figure out where interest rates might head next, as cited by Reuters report. One of the main reasons behind gold drop is the ceasefire between Iran and Israel.(Pexels) By 0839 GMT, spot gold was down 1.3% at $3,283.56 an ounce, the lowest it's been since late May. This week alone, prices are down more than 2%, and gold has lost over $200 since reaching its all-time high back in April. US gold futures also slipped, falling 1.6% to $3,295.70. One of the main reasons behind this drop is the ceasefire between Iran and Israel, which was arranged earlier in the week by President Donald Trump. So far, it's holding. In other global news, a White House official said Thursday that the US and China have made a deal to speed up the shipment of rare earth materials to the United States. Also Read: Gold Price today in US: What's behind the rise in prices and will they keep going up? Nitesh Shah, a strategist at WisdomTree said, "We had an absolutely fantastic run a few months ago. It's quite conceivable that after such strong upward momentum, we're now seeing some mean reversion." He also said the market is starting to turn its attention back to trade issues, especially with several temporary deals about to expire. A key date to watch is July 9, when Trump's plan for 'reciprocal' tariffs could kick in if countries don't reach a new agreement. Next up for markets is the release of the Personal Consumption Expenditure (PCE) inflation data, set to come out at 12:30 GMT. It's a key number the Fed watches closely. Minneapolis Fed President Neel Kashkari mentioned that some price increases from tariffs might take time to show up. Richmond Fed President Thomas Barkin added that the tariffs will likely push inflation higher in the coming months. Even though gold is often used to protect against inflation and economic uncertainty, it tends to lose its shine when interest rates are high, since it doesn't earn any income. Other metals dropped too: Silver fell 1.4% to $36.09 Platinum dropped 3.8% to $1,363.66, after reaching its highest level since 2014 Palladium edged down 0.2% to $1,129.98 Analysts at Commerzbank said the recent jump in platinum prices could be because it's still much cheaper than gold, which some investors now see as overpriced.
Business Recorder
20-06-2025
- Business
- Business Recorder
Copper gains on dollar dip but geopolitical, tariff uncertainty linger
LONDON: Copper prices edged higher on Friday, supported by a slightly softer dollar, although gains were capped by concerns over the Iran-Israel war, U.S. tariffs and Chinese demand. Three-month copper on the London Metal Exchange was up 0.4% at $9,652 a metric ton in official open-outcry trading. Earlier in the session, prices hit the weakest since June 13 at $9,558.50. The U.S. dollar index eased 0.3%, making dollar-denominated metals more attractive to buyers using other currencies. 'We've got the geopolitical uncertainty in the background although maybe a little bit of reprieve on that side in the sense that Trump wants to allow a bit more time for diplomacy,' said Nitesh Shah, commodity strategist at WisdomTree. U.S. President Donald Trump will decide in the next two weeks whether the U.S. will get involved in the Israel-Iran air war, the White House said on Thursday. 'But we still have all the trade fears, which may have become a secondary feature over the last week. It's not that fardown the line before the expiry of the 90-day pause on the Liberation Day tariffs.' Copper hits near one-week low on stronger dollar, growth fears The 90-day pause in Trump's broadest 'reciprocal' tariffs will end on July 8. A Shanghai-based metals analyst at a futures firm said in addition to the Middle East and U.S. interest rates, investors were concerned about weaker demand in top metals consumer China. China's refined copper output in May gained 13.6% on the year to 1.25 million metric tons, data on Wednesday showed, in line with April's output, while the country's demand for metals such as copper and aluminium has been muted by summer seasonal weakness. U.S. Comex copper futures steadied at $4.88 a lb, bringing the premium of Comex over LME copper to over $1,000 a ton. Among other metals, LME aluminium ticked up 0.3% to $2,529, nickel fell 0.8% to $14,940, zinc edged up 0.1% to $2,643.5, lead dropped 0.2% to $1,988.5 while tin gained 1.3% to $32,425.
Business Recorder
13-06-2025
- Business
- Business Recorder
Copper up on dollar weakness
LONDON: Copper prices nudged higher on Thursday, aided by a weaker dollar, but persistent concerns over demand and unresolved trade tensions continued to cloud the market's outlook. Three-month copper on the London Metal Exchange was up 0.5% at $9,694 a metric ton by 1400 GMT, having gained more than a fifth since touching the lowest since November 2023 in April at $8,105. The dollar index slid to its lowest in over three years following US data, making greenback-priced metals more affordable for buyers using other currencies. 'Some support is coming from the weaker dollar. But more broadly, uncertainty around trade negotiations continue to pressure cyclical assets like copper,' said Nitesh Shah, commodities strategist at WisdomTree. US President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks, but added the US would send out letters in coming weeks specifying the terms of trade deals to dozens of other countries, which they could then embrace or reject. UBS said in a note that on the demand side, the latest manufacturing PMIs from China, Europe and the US all remain in contraction territory, highlighting the drag from the ongoing tariff situation. 'Weak PMI readings suggest that final copper demand should be subdued. That said, some front-loading of demand ahead of US tariffs has supported copper consumption, and US imports have tightened the market outside of the US,' the note added. In February, Washington launched an investigation into US copper imports, pushing COMEX prices to a notable premium over LME. Seizing the opportunity, traders have redirected copper flows toward the US from other regions. US COMEX copper futures added 0.1% to $4.82 a lb, bringing the premium over LME copper to $933 a ton. On the supply front, Ivanhoe Mines said on Wednesday that it had resumed underground operations at a section of its Kakula copper mine in the Democratic Republic of Congo (DRC), previously halted due to seismic activity. However, the company lowered its production guidance for the year. 'Downgrades to production estimates — particularly from the DRC — are weighing on the supply outlook. From our perspective, the market is heading toward a supply deficit by year-end,' added Shah. LME aluminium and tin were little changed at $2,516.50 and $32,660 a ton respectively, zinc eased 0.6% to $2,638, nickel dipped 0.2% to $15,150 while lead gained 0.5% to $1,996.50.
