off-the-wire

METALS-London copper rebounds as Credit Suisse receives support pledges

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 16 (Reuters) - London copper prices bounced back on Thursday from a more than two-month low hit in the previous session, as regulators pledging support for Credit Suisse Group AG reassured investors, but sentiment was weak amid a U.S. banking crisis.


Credit Swiss shares tumbled as much as 30% on Wednesday, but the bank has since received some liquidity lifeline pledges from Swiss regulators while it also planned to boost liquidity by borrowing from the Swiss National Bank.


Three-month copper on the London Metal Exchange rose 0.9% to $8,578.50 a tonne by 0238 GMT. The contract in the previous session hit $8,489.50 a tonne, its lowest since Jan. 6, on Credit Suisse's rout. A sign of demand picking up in top consumer China also supported prices, with Yangshan copper premium - which reflects demand for imported copper into China - rose to $35 a tonne on Wednesday, its highest since Jan. 9. LME aluminium rose 0.6% to $2,290 a tonne, zinc increased 0.1% to $2,868 a tonne, lead advanced 0.6% to $2,080.50 a tonne while tin lost 3% to $21,800 a tonne. The most-traded April copper contract on the Shanghai Futures Exchange fell 2.7% to 66,950 yuan ($9,704.02) a tonne, tracking overnight losses in London and dropping to as low as 66,590 yuan a tonne, its lowest since Jan. 10. SHFE aluminium declined 1.1% to 18,150 yuan a tonne, nickel fell 2.7% to 173,270 yuan a tonne, zinc shed 2.3% to 22,350 yuan a tonne and tin tumbled as much as 5.1% to 177,550 yuan a tonne, its lowest since November last year.


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($1 = 6.8992 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)

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