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Metals: Copper has a stable start to the week

18/03/2024
Categories: Raw materials

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Copper remained stable on Monday after a recent rally, according to Chinese data.

Copper prices stabilized on Monday as the market stopped to take stock after the recent surge, but better-than-consensus industrial production data from the main Chinese consumer and a weak dollar supported the sentiment.

On the Shanghai Futures Exchange (ShFE), metal prices used in the energy and construction sectors hit a record high of 73,440 yuan earlier on Monday.

Traders said that a violation of key technical levels created momentum for LME copper to cross the $9,000 level. It was down 0.1% to $9,061 per ton at 10:39

GMT.

In other metals, nickel has been under pressure from rising stocks in LME registered warehouses, which hit their highest level in two years at 77,424 tons. Nickel at three months was down 0.8% to $17,930 per ton

.

Among other metals, aluminum fell 0.1% to $2,272, zinc remained stable at $2,561, lead fell 0.4% to $2,121, and tin fell 0.7% to $28,465 per ton.

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