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BEIJING, Nov 29 (Reuters) – Prices of base metals rebounded on Tuesday, with copper leading the rally, as support for the property sector in China — the world’s top metals consumer — brightened the demand outlook.
Three-month copper on the London Metal Exchange CMCU3 rose 1.8% to $8,100 a tonne by 0718 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 added 0.8% to 65,080 yuan($9,076.71) a tonne.
Among other metals, aluminium CMAL3 was up 1.5% at $2,399 a tonne, zinc CMZN3 added 1.4% to $2,977.5 a tonne and lead CMPB3 moved higher 0.7% to $2,129 a tonne, and tin CMSN3 climbed 0.7% to $22,500 a tonne.
“Sentiment was boosted by support measures for the real estate sector,” a Chinese aluminium trader said.
Shares of Chinese property companies soared after the country’s securities regulator lifted a ban on equity refinancing for listed property firms.
China has stepped up support in recent weeks for its embattled property sector, a pillar accounting for a quarter of the world’s second-biggest economy, including offering cheap loans to support developers’ bonds.
Aiding sentiment, inventories of metals also declined.
Aluminium stocks at LME warehouses dropped 2,575 tonnes to 503,700 tonnes on Monday. This followed its inventories in warehouses monitored by the SHFE AL-STX-SGH declining 11.9% to 110,017 tonnes last Friday, the lowest since February 2017.
LME copper stocks MCUSTX-TOTAL ticked up slightly on Monday to 91,200 tonnes, while SHFE copper inventories CU-STX-SGH was down 18.1% to 70,249 tonnes.
SHFE copper SCFcv1 advanced 1.8% to a five-month high of 19,030 yuan a tonne, nickel SNIcv1 added 1.2% to 194,950 yuan a tonne, zinc SZNcv1 was up 1.7% at 23,980 yuan a tonne, and tin SSNcv1 climbed 1.9% to 184,750 yuan a tonne.
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($1 = 7.1700 Chinese yuan)
(Reporting by Beijing Newsroom; editing by Uttaresh.V)
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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