Copper rose on Thursday as bargain hunters took advantage of recent losses, although downward pressure exerted on higher levels because of weaker demand from China. Chinese copper demand from its huge construction sector alone is greater than total copper demand from either Europe or the United States. Benchmark copper on the London Metal Exchange closed 0.2 percent higher at $6,564 a tonne. Copper, whichhas gained 19 percent this year, fell on Tuesday to $6,507.50, its weakest since Oct. 10. News that Zambia lifted a ban on night driving for truckers was welcomed, but Menke said bottlenecks were still feared after the Tanzania-Zambia Railway Authority (TAZARA) suspended all train services following a strike, including the transportation of copper. In other metals, LME nickel climbed 2.2 percent to close at$11,045 a tonne, rebounding after touching a new two-month trough of $10,740. Providing some support was news that Brazilian miner Vale SA dialled back its nickel output forecasts for the next five years on Wednesday. On the contrary, LME three-month aluminium shed 0.4 percent to finish at $2,010 a tonne after touching a four-month low of $1,998.50. ome Japanese aluminium buyers have agreed to pay some global producers a premium of $103 a tonne for shipments in the first quarter of next year, higher than the $94-$95 premium in the current quarter.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Some Other Topics Click Below:-
0 comments:
Post a Comment