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Base metal prices surged on Thursday, buoyed by positive indicators pointing to a robust economic recovery in China. Leading the charge, copper prices witnessed notable gains, with three-month copper contracts on the LME rising by 0.7% to $8,907.50 per metric ton. Similarly, the most-traded May copper contract on the SHFE posted a 0.7% increase to 72,550 yuan ($10,041.24) per ton.
The optimistic outlook follows improved profits reported by China's industrial firms in early 2024, signaling a strengthening economic landscape despite ongoing challenges in the property sector. Additionally, China's central bank's decision to set a stronger yuan fixing than anticipated further bolstered sentiment among metal consumers.
However, a buildup in base metal inventories within China tempered the price surge, acting as a counterbalance to the positive momentum.
In tandem with copper, other base metals also witnessed significant movements, with LME aluminium increasing by 0.4% to $2,306.50 a ton, nickel jumping 1% to $16,785, zinc climbing 0.7% to $2,454.50, lead increasing 0.3% to $2,009, and tin easing 0.2% to $27,460.
On the SHFE, aluminium edged up 0.3% to 19,490 yuan a ton, nickel rose 0.1% to 130,430 yuan, zinc increased by 0.4% to 20,925 yuan, lead jumped 1.7% to 16,440 yuan, while tin fell 0.1% to 223,360 yuan.
The collective rally in base metal prices underscores growing confidence in China's economic trajectory and its broader implications for global markets.
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