Mumbai, 05 Dec (Commoditiescontrol): London copper prices were mostly unchanged on Thursday as traders awaited potential economic stimulus announcements from China and closely monitored developments regarding U.S. trade tariffs.
On the London Metal Exchange (LME), three-month copper held steady at $9,079.5 per metric ton, while the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) dipped 0.3% to 74,530 yuan ($10,248.76) per ton.
Investors are pinning hopes on the upcoming Central Economic Work Conference in China, where the government is expected to unveil fresh fiscal stimulus measures to support the economy. China, the world’s largest consumer of industrial metals, plays a critical role in determining global demand for copper and other commodities.
Simultaneously, market sentiment is cautious as traders assess the potential implications of proposed U.S. import tariffs by President-elect Donald Trump and the likelihood of retaliatory actions from Beijing. Any escalation in trade tensions could impact global economic activity and, by extension, demand for metals.
The U.S. dollar remained largely flat, with its strength continuing to weigh on metal prices. A stronger dollar typically makes dollar-denominated metals more expensive for holders of other currencies, dampening demand.
On the supply side, Rio Tinto’s recent forecast of higher copper output has added to the supply narrative. The company expects a 50% surge in production from its Mongolian operations, which could further influence global copper markets.
Other base metals on the LME also experienced minor movements. Aluminium fell 0.4% to $2,636.5 a ton, nickel dropped 0.5% to $16,035, zinc eased 0.5% to $3,084.5, while lead was stable at $2,086.5, and tin remained unchanged at $29,035. On the SHFE, aluminium rose 0.9% to 20,630 yuan, tin gained 0.6% to 244,570 yuan, and zinc edged up 0.3% to 25,395 yuan, while nickel declined 0.4% to 126,940 yuan.
As traders keep an eye on macroeconomic policy announcements and trade relations, the near-term outlook for copper remains linked to China’s economic trajectory and geopolitical developments.
(By Commoditiescontrol Bureau: 09820130172)
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