Mumbai, 29 Jul (Commoditiescontrol): Copper prices remained in a narrow range on Monday following three consecutive weeks of declines, with investors eagerly anticipating global economic signals from the Federal Reserve meeting and key U.S. data releases this week.
Three-month copper on the London Metal Exchange (LME) edged up 0.1% to $9,121 per metric ton by 0151 GMT. Meanwhile, the most-traded September copper contract on the Shanghai Futures Exchange (SHFE) rose 0.4% to 74,380 yuan ($10,255.77) per ton.
Last week, both contracts reached their lowest levels in over three and a half months, driven by concerns over China's demand prospects. These worries were fueled by slower-than-expected economic growth in the second quarter and the absence of significant stimulus measures from a key political gathering.
Following a modest June inflation report last week, market expectations are leaning towards the Federal Reserve setting the stage for a potential rate cut in September at its policy meeting on Wednesday.
In addition to the Fed meeting, the upcoming U.S. jobs report for July, as well as closely monitored surveys on U.S. and global manufacturing and Eurozone GDP and inflation data, are due this week and are expected to provide further direction for the markets.
Citi Research, in a note on Friday, suggested that copper prices might remain directionless in the coming weeks before recovering to $9,500 per ton within three months and potentially reaching $11,000 by early 2025.
Other base metals also showed varied movements: LME lead rose 0.7% to $2,082 a ton, zinc increased 0.1% to $2,670.50, tin fell 0.5% to $29,425, nickel gained 0.2% to $15,830, and aluminum dropped 0.3% to $2,283.
On the SHFE, aluminum was up 0.4% at 19,275 yuan a ton, nickel increased 0.8% to 127,030 yuan, lead declined 0.7% to 18,610 yuan, tin rose 0.2% to 247,150 yuan, and zinc dipped 0.1% to 22,670 yuan.
(By Commoditiescontrol Bureau: 09820130172)
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