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Updates prices
NEW DELHI, April 10 (Reuters) – Shanghai copper prices rose marginally higher on Monday as expectations of improved Chinese demand lent support, although trade was quiet as European markets were closed due to the Easter holiday.
A stronger dollar, however, kept gains in check after U.S. jobs data on Friday underscored a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month.
The most-traded May copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.22% to 68,740 yuan ($10,000.73) a tonne.
Friday’s data showed U.S. nonfarm payrolls increased 236,000 in March, in line with forecasts of 239,000. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported.
SHFE aluminium SAFcv1 eased 0.13% to 18,615 yuan, zinc SZNcv1 was up 0.20% to 22,130 yuan, tin SSNcv1 was down 2.62% to 191,260 yuan, and nickel SNIcv1 was up 0.85% to 178,530 yuan a tonne, while lead SPBcv1 added 0.16% to 15,320 yuan.
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TOP/MTL or MET/L
DATA/EVENTS (GMT)
The 2023 Spring Meetings of the World Bank and
the International Monetary Fund take place in Washington D.C. (to Apr. 16)
($1 = 6.8735 Chinese yuan renminbi)
(Reporting by Neha Arora; Editing by Rashmi Aich)
((neha.dasgupta@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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