ASIAN PRICE WRAP: Copper prices rise on China stimulus hopes

Copper prices on the London Metal Exchange were up during Asian trading on hopes that weak manufacturing data from China last week would trigger stimulus measures.

Copper prices on the London Metal Exchange were up during Asian trading on hopes that weak manufacturing data from China last week would trigger stimulus measures.

At 15:11 Shanghai time, the three-month copper was trading at $6,055.5 per tonne, up $10 from its opening.

“Expectations of further China stimulus after the country’s manufacturing data disappointed in April supported sentiment for demand,” ANZ analysts said.

On the Shanghai Futures Exchange, the most-traded July copper contract closed at 43,730 yuan ($7,148) per tonne, up from an opening price of 43,610 yuan per tonne.

On the Changjiang spot copper market in China, the red metal was trading at 44,210-44,230 yuan per tonne, up 480 yuan from last week’s close.

Aluminium prices were trading at $1,835 per tonne, up $10 from opening and over the official settlement price on Friday August 24.

“Aluminium was the best performer, up 2.3% as prospects of improving demand were coupled with stockpile declines to the lowest levels since May 2009,” ANZ analysts said in a note this morning.

LME aluminium stocks fell to 3.8 million tonnes last week.

LME base metals at 15:12 Shanghai time:
Nickel $13,395, up $135
Zinc $2,245.5, up $0.5
Tin $15,895, up $70
Lead $2,070, up $2

Base metals closing on SHFE:
July aluminium contract at 13,360 yuan per tonne, up 85 yuan from its opening.
July nickel contract 101,490 yuan per tonne, up up 34,90 yuan per tonne from its opening.
June lead contract at 13,755 yuan per tonne, up 135 yuan.

Deepali Sharma
deepali.sharma@metalbulletinasia.com

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