{"id":106343,"date":"2021-02-05T19:13:26","date_gmt":"2021-02-05T19:13:26","guid":{"rendered":"https:\/\/fin2me.com\/?p=106343"},"modified":"2021-02-05T19:13:26","modified_gmt":"2021-02-05T19:13:26","slug":"metals-copper-buoyed-by-sagging-dollar-and-u-s-stimulus-hopes","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/metals-copper-buoyed-by-sagging-dollar-and-u-s-stimulus-hopes\/","title":{"rendered":"METALS-Copper buoyed by sagging dollar and U.S. stimulus hopes"},"content":{"rendered":"

(Updates with official prices)<\/p>\n

LONDON, Feb 5 (Reuters) – Copper prices rose on Friday, boosted by a weak dollar and hopes for better metals demand due to improved vaccine rollout and as the U.S. stimulus looked set to be approved.<\/p>\n

Three-month copper on the London Metal Exchange (LME) rose 1.9% to $7,970 a tonne by 1740 GMT. The metal, used in the power and construction industries, is on course for a weekly gain of about 1%.<\/p>\n

\u201cMarket sentiment has remained bullish but cautious this week,\u201d said ING analyst Wenyu Yao. \u201cIn the short term there is not much of a directional signal for the metals markets as we head into the Chinese New Year and businesses wind down.\u201d<\/p>\n

Global shares neared record highs as U.S. President Joe Biden\u2019s drive to enact the $1.9 trillion coronavirus aid bill gained momentum after the U.S. Senate passed the budget plan.<\/p>\n

INVENTORIES: Global stocks of copper are at their lowest since 2008 despite the approaching Chinese New Year, when inventories usually build because of lower demand, broker Marex Spectron said in a note.<\/p>\n

Total inventories of copper in LME-registered warehouses are at 76,550 tonnes, less than half of October’s levels. <\/span>MCUSTX-TOTAL<\/span><\/p>\n

SPREADS: The premium for LME cash copper over the three-month contract <\/span>CMCU0-3<\/span> jumped to $14.50 a tonne, signalling tight nearby supply.<\/span><\/p>\n

The amount of cancelled inventory — stock earmarked for delivery — was high at 31% and fuelled concerns over tight LME copper.<\/p>\n

DOLLAR: The dollar retreated after the U.S. jobs report suggested that some traders may have over-egged a stronger American recovery from the coronavirus pandemic. A weaker dollar makes commodities it is priced in cheaper for holders of currencies.<\/p>\n

CHINA STOCKS: Metal held in warehouses monitored by the Shanghai Futures Exchange (ShFE) has increased ahead of the Chinese New Year.<\/p>\n

Zinc stocks <\/span>ZN-STX-SGH<\/span> jumped 34.9% week on week to 60,361 tonnes while ShFE tin inventories <\/span>SSN-TOTAL-W<\/span> rose 18.4% and ShFE aluminium stockpiles <\/span>AL-STX-SGH<\/span> increased by 10.2%.<\/span><\/p>\n

OTHER PRICES: LME aluminium gained 1.3% to $2,019 a tonne, zinc added 2% to $2,680, lead firmed by 0.5% to $2,055, tin added 1.1% to $23,085 and nickel was up 2.7% at $18,115.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Updates with official prices) LONDON, Feb 5 (Reuters) – Copper prices rose on Friday, boosted by a weak dollar and hopes for better metals demand […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nMETALS-Copper buoyed by sagging dollar and U.S. stimulus hopes - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/metals-copper-buoyed-by-sagging-dollar-and-u-s-stimulus-hopes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"METALS-Copper buoyed by sagging dollar and U.S. stimulus hopes - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Updates with official prices) LONDON, Feb 5 (Reuters) – Copper prices rose on Friday, boosted by a weak dollar and hopes for better metals demand [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/metals-copper-buoyed-by-sagging-dollar-and-u-s-stimulus-hopes\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-05T19:13:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2018\/07\/QwmmJcQFqNwVkMZDKDnn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"476\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/metals-copper-buoyed-by-sagging-dollar-and-u-s-stimulus-hopes\/\",\"url\":\"https:\/\/fin2me.com\/markets\/metals-copper-buoyed-by-sagging-dollar-and-u-s-stimulus-hopes\/\",\"name\":\"METALS-Copper buoyed by sagging dollar and U.S. stimulus hopes - 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