Mumbai, 29 Jun (Commoditiescontrol): Copper prices in London firmed on Friday but remain on track for their largest monthly decline since May 2023, impacted by patchy economic growth in China and higher inventories.
Three-month copper on the London Metal Exchange (LME) rose by 0.5% to $9,558.50 per metric ton. Despite this slight increase, the contract has dropped by 4.8% in June, marking a potential sixth consecutive weekly loss if current trends continue. After hitting a record high of $11,104.50 on May 20, copper prices have fallen by 14%, driven by weak economic data from China and uncertainty over U.S. interest rates.
Copper inventories in Shanghai Futures Exchange warehouses were at 322,910 tons last week, up significantly from about 30,000 tons in January, reflecting an abundant supply in China. The most-traded August copper contract on the Shanghai Futures Exchange increased by 0.2% to 78,060 yuan ($10,741.56) but is set to post its worst month since July 2022.
The broader market saw the U.S. dollar heading for a monthly gain, making greenback-priced metals more expensive for holders of other currencies. This has added pressure to copper prices.
Other metals on the LME also experienced gains: aluminium rose by 0.5% to $2,504.50 per ton, nickel increased by 0.7% to $17,220.00, zinc climbed by 0.6% to $2,947.50, lead added 0.5% to $2,189.50, and tin rose by 0.6% to $32,440.
On the Shanghai Futures Exchange, aluminium steadied at 20,250 yuan per ton, nickel remained flat at 134,920 yuan, lead increased by 0.6% to 19,370 yuan, zinc rose by 0.6% to 24,370 yuan, and tin saw a 1.1% rise to 269,560 yuan.
As the market continues to grapple with economic uncertainties and fluctuating inventory levels, traders and investors remain cautious, closely monitoring signs of stabilization or further declines in the coming weeks.
(By Commoditiescontrol Bureau: 09820130172)
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