March 31 (Reuters) - Copper prices were on track for
their second straight quarterly gain on Friday, lifted by an
improvement in demand from top consumer China after the country
removed its stringent COVID-19 restrictions.
Three-month copper on the London Metal Exchange was
up 0.2% at $9,015 a tonne, as of 0221 GMT, and has gained 7.7%
so far this quarter.
The most-traded May copper contract on the Shanghai Futures
Exchange eased 0.3% to 69,490 yuan ($10,139.20) a
tonne, but climbed 5.2% so far this quarter.
China's removal of its COVID-19 restrictions last December
raised hopes that demand for copper will improve as the country
revived its economic activities.
Copper prices shot up early-January, but delays in demand
improvement put a lid on a rally until March when consumption
returned with the peak season and boosted LME copper prices by
about $1,000 in just two weeks to around $9,000 a tonne.
A weaker dollar in the second half of March made
greenback-priced metals cheaper to holders of other currencies.
Nickel trading, on the other hand, has been dampened by
fraud and LME trading limit and review.
Nickel fell the most across base metals in the first three
months of 2023, with the LME three-month contract down
22.8% so far this year, and the most-traded SHFE contract shedding 20.1% in the same period.
So far this quarter, LME aluminium edged up 0.6%,
and zinc dipped 1% in the same period, while lead lost 6.9% and tin rose 5%.
SHFE aluminium edged higher 0.2% so far this
quarter, zinc lost 3.9% during the same period, lead fell 4.3% and tin dipped 0.4% in the quarter.
For the top stories in metals and other news, click or DATA/EVENTS (GMT)
0600 UK GDP QQ, YY Q4
0600 UK Nationwide house price MM, YY March
0645 France CPI (EU Norm) Prelim YY March
0645 France Producer Prices YY Feb
0755 Germany Unemployment Rate, Chg SA March
0900 EU HICP Flash YY March
0900 EU HICP-X F, E, A, T Flash MM, YY March
0900 EU Unemployment Rate Feb
1230 US Consumption, Adjusted MM Feb
1230 US Core PCE Price Index MM, YY Feb
1230 US PCE Price Index MM, YY Feb
1400 US U Mich Sentiment Final March
($1 = 6.8536 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Sherry
Jacob-Phillips)
mai.nguyen.thomsonreuters.com@reuters.net))
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.