Home Commodity News Copper prices buoyed by bargain hunters

Copper prices buoyed by bargain hunters

Copper prices buoyed by bargain hunters

Copper prices ticked higher on Friday as some investors regarded the recent downturn as a buying opportunity, though a firmer dollar and uncertainty over U.S. data capped gains.

Three-month copper on the London Metal Exchange (LME) added 0.2% to $9,336 a tonne by 1020 GMT after dropping by about 9% in June.

“There’s been a cooling down in recent weeks, but that’s a bit overdone. This is potentially a good bargain-hunting opportunity and we’ve seen a bit more interest in recent days with these dips,” said Nitesh Shah, commodity strategist at WisdomTree, a provider of exchange-traded funds.

“We’re in the midst of an economic recovery that’s largely fueled by huge monetary growth and strong fiscal stimulus, which is infrastructure focused and metals intensive.”

The most-traded August copper contract on the Shanghai Futures Exchange closed 0.7% down at 68,260 yuan ($10,531.84) a tonne for a 0.9% decline over the week.

Traders were on edge ahead of U.S. non-farm payrolls data, which is expected to show that job growth picked up in June.

* The Yangshan copper premium fell to $21.50 a tonne, hovering around its lowest since February 2016, indicating subdued demand for imported metal.

* Global copper smelting activity slipped in June as Chinese plants closed for maintenance, having rebounded the previous month, data from satellite surveillance of copper plants showed.

* The dollar hit a three-month high against other major currencies, making metals priced in the U.S. unit more expensive for holders of other currencies.

* LME aluminum rose 0.6% to $2,526 a tonne, zinc shed 0.7% to $2,917, lead added 0.3% to $2,276, nickel firmed 0.1% to $18,115 and tin was down 0.3% at $31,200.

* For the top stories in metals and other news, click or ($1 = 6.4813 yuan)
Source: Reuters (Reporting by Eric Onstad Editing by David Goodman)

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