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Metal: Copper on the rise this Monday

10/10/2022
Categories: Raw materials

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Copper prices rose on Monday, but poor demand prospects, especially in China, the main consumer, expectations of further increases in US interest rates, a A stronger dollar and rising inventories weighed on sentiment.

Copper stocks in LME-registered warehouses, which stood at 143,775 tons on Friday, have increased by 40% since September 15. According to traders, this explains the rise in the price of copper on the London Metal Exchange (LME), which at 0950 GMT was up 1.4% to 7,561 dollars per ton.

China has been actively trying to stimulate the economy, but economic data still shows a slowdown in growth. Surveys of purchasing managers in the manufacturing sector also show a more rapid contraction than expected. At three months, lead fell by 1.1% to $2,048, aluminum fell by 0.8% to $2,280, zinc changed little at $2,991, tin increased 2.7% to $19,950, and nickel fell 0.2% to $22,445 per ton.

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