[ad_1]
BEIJING, Nov 30 (Reuters) – Copper prices were stuck in a tight range on Wednesday as market participants digested weaker-than-expected China economic data, while hopes grew that Beijing would loosen its strict COVID-19 restrictions.
Three-month copper on the London Metal Exchange CMCU3 was up 0.2% at $8,050 a tonne by 0207 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.1% to 64,790 yuan ($9,065.72) a tonne.
China’s factory activity contracted at a faster pace in November, an official survey showed. The official manufacturing purchasing managers’ index stood at 48.0 against a 49.2 reading in October, the National Bureau of Statistics said. Economists in a Reuters poll had expected the reading to come in at 49.0.
Globally, investors were awaiting Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path.
The dollar index =USD has fallen from a 20-year high hit on Sept. 28, supporting metals prices as it becomes cheaper for non-dollar holders to buy the greenback-priced commodities.
Meanwhile, a trucker strike in Chile that started last week ended on Tuesday after trucker groups signed an agreement with business organisations and the government to improve conditions.
Among other metals, aluminium CMAL3 held at $2,380 a tonne, zinc CMZN3 added 0.4% to $2,946 a tonne and lead CMPB3 climbed 0.4% to $2,142.5 a tonne, and tin CMSN3 was unchanged at $22,788 a tonne.
SHFE aluminium SAFcv1 fell 0.7% to 18,820 yuan a tonne, nickel SNIcv1 jumped 3% to 199,460 yuan a tonne, zinc SZNcv1 was down 0.6% at 23,795 yuan a tonne, and tin SSNcv1 climbed 0.2% to 185,140 yuan a tonne.
For the top stories in metals and other news, click
TOP/MTL or MET/L
($1 = 7.1467 Chinese yuan)
(Reporting by Beijing Newsroom; Editing by Subhranshu Sahu)
((siyi.liu@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.
[ad_2]
Source link
