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Chinese optimism pushes copper to four-week peak-有色金属展-铜材展-2024年广州国际有色金属工业展览会-The 24th China(Guangzhou) Int’l Non-Ferrous Metals (Copper) Exhibition
11/13/2023  有色金属展-铜材展-non-ferrous metals expo
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Copper prices rose to four-week high on Monday due to signs of stable growth in China, the world''s largest metals consumer, with inventories falling, and the dollar weakening ahead of important Chinese industrial data.

Copper prices at the London Metals Exchange rose 0.1% to $8184 a tonne as of 10:35 GMT, after hitting October 2 highs at $8190.

Traders are pointing to improving optimism with regards to China, but trading volumes remain limited. 

Recent data showed profits of Chinese industrial companies rose for the second straight month in September. 

Analysts expect the manufacturing PMI to improve markedly in China for October, showing the benefits of the latest government stimulus measures.

Last week, China approved the issuance of government bonds valued at a trillion yuan, and approved a law that bolsters investments by local governments. 

A recent drop in copper inventories at the London Metals Exchange helped as well to boost prices.

Technically, copper is facing a strong resistance at $8200 near the 50-day SMA resistance. 

Now traders await the all important Federal Reserve''s policy decisions later this week to move the markets. 

At the London''s Exchange, aluminium rose 1.5% to $2253 a tonne, while zinc rose 0.5% to $2484, as lead rose 0.3% to $2129, while tin rose 0.4% to $25015, while nickel added 1.3% to $18,605 a tonne.

Otherwise, the dollar index fell 0.4% as of 15:09 GMT to 106.1, with a session-high at 106.7, and a low at 106.1.

Copper December futures rose 0.4% as of 15:06 GMT to $3.66 a pound. 有色金属展-铜材展-2024年广州国际有色金属工业展览会-The 24th China(Guangzhou) Intl Non-Ferrous Metals (Copper) Exhibition 2024有色金属展,2024有色金属展会,2024有色金属展览会,2024展,2024展会,2024展览会,2024展,2024展会,2024展览会,2024广州有色金属展,2024广州有色金属展会,2024广州铜材展,2024广州铜材展会,广东铜材展,中国铜材展会,广东有色金属展,中国有色金属展会,2024铝材展会,2024铜材设备展,2024铜材博览会,2024色金属博览会-copper Industry Exhibition,copper expo, 2024 copper exhibition, 2024 copper expo, China copper exhibition, China copper expo,-Laser Industry Exhibition,copper expo, 2024 copper exhibition, 2024 copper  expo, China copper exhibition, China copper expo

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