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By Mai Nguyen
Feb 20 (Reuters) – Copper prices rose on Monday as investors and traders bet on a recovery in demand from top consumer China amid support from global mining supply disruptions.
LME lead CMPB3 declined 0.2% to $2,062 a tonne.
The most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.2% at 69,100 yuan a tonne, aluminium SAFcv1 increased 1.4% to 18,780 yuan a tonne, zinc SZNcv1 climbed 2% to 23,315 yuan a tonne and lead SPBcv1 was up 0.3% at 15,165 yuan a tonne.
SHFE tin SSNcv1 fell 1.8% to 210,050 yuan a tonne and nickel SNIcv1 shed 1% to 202,780 yuan a tonne.
“Signs of stronger demand boosted sentiment,” said ANZ analysts in a note.
Copper inventories build-up in SHFE warehouses CU-STX-SGH slowed, with the weekly gain on Friday at the smallest in nearly two months.
LME copper also posted its first weekly gain in four weeks on Friday.
Analysts have forecast Chinese copper consumption will rebound strongly in March.
New home sales in 16 Chinese cities rose for the third straight week, a private survey showed, as the end of Beijing’s zero-COVID policy and more support measures stabilised demand.
Production and export disruptions in mining countries like Peru, Indonesia and Panama have also lent support to copper prices.
However, a firmer dollar, which makes greenback-priced metals more expensive to holders of other currencies, kept a lid on further gains in prices.
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(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu and Devika Syamnath)
((mai.nguyen@thomsonreuters.com; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
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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