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Copper has seen sustained buying after Chinese investors returned from Golden Week (2-8 October), and has been supported by Chinese market participants’ growing optimism ahead of the upcoming 13th Five-Year Plan meeting at the 19th Party Congress in Beijing next week.
“Copper and nickel had room on the upside and prices are climbing accordingly, while the base metals in or near high ground are having to absorb selling, which is keeping prices range-bound, albeit in high ground,” Metal Bulletin senior analyst William Adams said.
“They remain well placed to extend higher and a rebound in China’s iron ore and steel prices, combined with a good Chinese trade day, may well be the catalysts,” he added.
Nickel prices climbed a further 1.9% this morning while an ongoing curb in Chinese output continues to support prices, while demand from steel producers remains strong.
The complex was also supported by a weaker dollar, which fell after less-hawkish-than-expected comments came from the Federal Open Market Committee (FOMC) minutes on Wednesday.
Zinc prices also remained strong, with 17,030 tonnes of metal cancelled in New Orleans this morning, spreads remaining in high backwardation and the cash/three-months currently at $86.50 per tonne.
Copper edges higher
Base metals prices
Currency moves and data release