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Copper prices rise at LME on Tuesday- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
3/3/2016 non-ferrous metals expo |
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Reuters reported that copper prices rose on Tuesday as expectations of further moves by China to try and boost its economic growth boosted sentiment despite more economic data pointing to a continued slowdown in the world''s second-biggest economy. Benchmark copper on the London Metal Exchange ended up 0.5 percent at $4,716 a tonne.
On Monday China''s central bank announced a cut in the amount of cash that banks must hold as reserves, freeing up an estimated $100 billion for fresh lending.
China''s manufacturing sector shrank in February, surveys showed, prompting smaller companies to shed workers at the fastest pace in seven years.
Another focus was a survey of US manufacturing by the Institute for Supply Management, showing the sector shrank in February, but at a slower pace than in January. The index rose to 49.5 from 48.2 in January, compared with a consensus of 48.5.
Expectations of a US rates freeze could depress the U.S. currency, which when it falls makes dollar-denominated commodities cheaper for holders of other currencies.
Three-month aluminium was little changed at $1,572.5 from $1,573 at Monday''s close and zinc gained 1.1 percent to $1,784.
Zinc hit a four-month high of $1,795 a tonne last week on expectations of tighter supplies due to output cuts and mine closures.
Lead rose 1.4 percent to $1,777 a tonne, tin rose 1.2 percent to $15,995 and nickel gained 2.2 percent to $8,680 a tonne.
- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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