Mumbai, 28 Jun (Commoditiescontrol): Copper prices on the London Metal Exchange (LME) firmed on Friday but remained on track for their largest monthly decline since May 2023. This downturn is driven by inconsistent economic growth in top consumer China and rising inventories.
Three-month copper on the LME rose 0.5% to $9,558.50 per metric ton. Despite this increase, the contract was down 4.8% for June and was set for a sixth consecutive weekly loss if current trends persisted. Copper prices have fallen 14% since reaching a record high of $11,104.50 on May 20, pressured by sluggish economic data from China and uncertainty over U.S. interest rates.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange stood at 322,910 tons last week, compared to about 30,000 tons in January, reflecting ample supply in China. The most-traded August copper contract on the Shanghai Futures Exchange edged up 0.2% to 78,060 yuan ($10,741.56) but was set to record its worst month since July 2022.
In the broader market, the dollar was poised for a monthly gain, making greenback-priced metals more expensive for holders of other currencies. This currency dynamic added further pressure on the metals market.
Among other metals, LME aluminium gained 0.5% to $2,504.50 a ton, nickel increased 0.7% to $17,220.00, zinc rose 0.6% to $2,947.50, lead added 0.5% to $2,189.50, and tin climbed 0.6% to $32,440.
On the Shanghai Futures Exchange, aluminium steadied at 20,250 yuan a ton, nickel was flat at 134,920 yuan, lead rose 0.6% to 19,370 yuan, zinc increased 0.6% to 24,370 yuan, and tin advanced 1.1% to 269,560 yuan.
The metals market continues to navigate the impacts of fluctuating economic indicators and currency valuations, with market participants closely watching developments in China and the United States for further cues.
(By Commoditiescontrol Bureau: 09820130172)
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