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Copper rebounds at LME on Tuesday but outlook remains clouded- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
1/7/2016 non-ferrous metals expo |
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Copper bounced on Tuesday as China pumped in an estimated $20 billion to stabilise its equity and currency markets, though worries over slowing demand in the world''s top metals user kept gains firmly in check. Benchmark copper on the London Metal Exchange ended up 0.8 per cent at $US4645 a tonne, having touched a two-week low of $US4591.50 on Monday. The metal used in power and construction shed a fifth of its value last year.
China stocks ended higher thanks to the huge cash injection, but the yuan fell to a 4-1/2 year low. Stocks slid 7 per cent on Monday and trade was suspended nationwide after surveys showed factory activity shrank again in December.
"The rebound in stocks overnight helped metals ... (but) there''s a lot of bearishness over China; a hard landing could be difficult to avoid. We view more downside over the rest of the year," Societe Generale analyst Robin Bhar said.
A contraction in China''s factory activity for the 10th straight month in December, and at a sharper pace than in November, has dampened hopes that the world''s second-largest economy will enter 2016 on a steadier footing.
Three-month nickel closed up 0.5 per cent at $US8550 a tonne, lead fell 1.8 per cent to $US1714 and aluminium ceded 0.6 per cent to $US1463.5. Zinc gained 0.3 per cent to $US1573 and tin lost 1.7 per cent to $US14,155.
non-ferrous
metals- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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