Mumbai, 06 Dec (Commoditiescontrol): Copper prices inched up on Friday, supported by a weaker U.S. dollar and optimism over potential stimulus measures from China, the world’s largest consumer of the metal.
The three-month copper contract on the London Metal Exchange (LME) rose 0.5% to $9,117 per metric ton, marking a weekly gain of 1.2%. Similarly, the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) increased 0.2% to 74,630 yuan ($10,283.44) per ton, also up 1.2% for the week.
The softening of the U.S. dollar has made base metals more attractive to non-dollar holders, further supporting prices. Meanwhile, traders are closely monitoring China’s upcoming Central Economic Work Conference for signals of fresh stimulus measures to address the country's sluggish economic recovery.
The U.S. President-elect has vowed to impose an additional 10% tariff on Chinese imports, raising concerns about weakened demand in China. Analysts at Macquarie noted that Beijing could shift its focus to bolstering domestic demand or rely on a recovery in developed markets to counter the impact of trade tariffs.
Elsewhere in the base metals market, LME aluminium slipped 0.2% to $2,633 per ton, tin fell 0.5% to $29,010, and lead remained unchanged at $2,099.5. Zinc gained 0.1% to $3,122.5, while nickel added 0.3% to $16,020.
In the Chinese market, SHFE aluminium dropped 0.7% to 20,440 yuan per ton, nickel declined 0.5% to 125,860 yuan, and tin held steady at 243,850 yuan. However, zinc rose 1% to 25,660 yuan, and lead firmed by 0.9% to 17,765 yuan.
Copper’s weekly performance highlights the market’s cautious optimism, driven by macroeconomic developments and hopes for policy support in the coming weeks.
(By Commoditiescontrol Bureau: 09820130172)
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