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ShFE Copper at 1-Month Low as U.S. Stimulus Talks Break Down

10 Aug 2020 9:08 am
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Mumbai (Commodities Control) – Shanghai copper prices on Monday fell to their lowest in more than a month, while London copper also declined on considerable uncertainty on whether U.S. policymakers can approve a new package of fiscal support for the virus-hit economy.

The most-traded September copper contract on the Shanghai Futures Exchange dropped to 49,580 yuan ($7,115.28) a tonne, its lowest since July 8.

Three-month copper on the London Metal Exchange fell 0.6% to $6,270.50 a tonne by 0307 GMT, having lost 1.6% last week, the biggest weekly drop since mid-May.

LME aluminium fell 0.9% to $1,755.50 a tonne, while zinc declined 2% to $2,356.50 a tonne. In Shanghai, nickel dropped 2.4% to 112,420 yuan a tonne and lead decreased 1.7% to 16,180 yuan a tonne.

Discussions over another U.S. stimulus bill to address the impact of the coronavirus pandemic fell apart on Friday. However, hopes grew on Sunday that a stand-off would end between U.S. Democrats and the White House on a new support package. 

China's July new bank loans are seen falling from June but still likely to be higher than a year earlier, amid sustained policy support to get the economy on a solid footing after the coronavirus.

China's Henan Shenhuo Group had switched on the third 150,000-tonne production line of its aluminium smelting project in Yunnan province. 

Canada will slap retaliatory tariffs on C$3.6 billion ($2.69 billion) worth of U.S. aluminum products after the United States said it would impose punitive measures on Canadian aluminum imports.

Shanghai base metals, except aluminium, closed lower on Friday night. Copper plunged 3.32%, zinc shed 0.26%, lead declined 0.94%, nickel fell 1.24% and tin weakened 0.52%, while aluminium edged just 0.07% higher.

Their counterparts on the LME pulled back across the board on Friday. Copper tumbled 3.84%, aluminium dropped 1.04%, zinc shed 0.79%, nickel declined 0.59%, lead dropped 1.92% and tin slipped 0.62%.

Three-month LME copper is expected to trade between $6,200-6,300/mt today.

The most-active SHFE copper contract is likely to trade between 49,500-50,200 yuan/mt today.

(Commodities Control Bureau)

 

 



       
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