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Copper Prices Climb on Strong Chinese Export Data, Signaling Upturn in Global Economic Health

8 Dec 2023 10:42 am
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Mumbai, 8 Dec (Commoditiescontrol):Global economic health indicator, copper prices, rose on Friday following encouraging Chinese export data, pointing to a brighter demand outlook in the commodities sector.

Copper on the London Metal Exchange (LME) increased by 0.4% to $8,382.50 per metric ton as of 08:59 IST. Concurrently, the Shanghai Futures Exchange's primary January copper contract saw a 0.6% rise, reaching 67,950 yuan ($9,498.58) per ton.

Despite this uptick, LME copper is poised for its first weekly drop in four weeks, affected by a robust dollar that renders dollar-priced metals costlier for non-dollar currency holders.

Copper's versatile use across industries underscores its economic significance.

In a positive turn, China's exports witnessed their first increase in six months this November. This suggests that the world's second-largest economy is successfully overcoming a prolonged demand slump, partly through aggressive pricing strategies.

Reflecting this demand rebound, China's copper imports in November surged by 10.1% from the previous month, hitting a near two-year peak. This boost in demand is attributed to low stock levels and a strengthened yuan.

The premium for importing copper into China is hovering at a one-year peak of $112.50 per ton, indicating a heightened demand for the metal.

In other metals, both LME aluminium and zinc are heading for their most significant weekly losses since early October. In contrast, LME tin is on track for its largest weekly gain since early July, currently up by 4%.

In the Shanghai market, aluminium rose by 0.2% to 18,460 yuan, nickel by 3% to 133,400 yuan, zinc by 0.7% to 20,695 yuan, tin by 0.4% to 207,890 yuan, and lead by 0.6% to 15,435 yuan.

Meanwhile, on the LME, aluminium increased by 0.9% to $2,153 per ton, nickel by 2.4% to $16,950, zinc by 1% to $2,424, lead by 0.4% to $2,029, and tin marginally by 0.1% to $24,695.

(By Commoditiescontrol Bureau: 09820130172)

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