[ad_1]
March 20 (Reuters) – Prices of most industrial metals rose on Monday as worries over a global banking crisis eased, with copper further supported by improving consumption in China.
Three-month copper on the London Metal Exchange CMCU3 edged up 0.2% to $8,594 a tonne by 0416 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 advanced 0.8% to 67,390 yuan ($9,769.92) a tonne.
Measures by authorities to avert a global banking crisis lifted market confidence as investors welcomed a historic Swiss-backed acquisition of troubled Credit Suisse by UBS Group and emergency dollar liquidity from top central banks.
Yangshan copper premium SMM-CUYP-CN rose to $50 a tonne on Friday, its highest since December last year, indicating improving appetite for imported copper into China, the world’s biggest consumer of the metal.
SHFE copper inventories CU-STX-SGH fell for the third straight week to 182,341 tonnes, their lowest since Jan. 20.
Meanwhile, China’s aluminium imports in the first two months of 2023 rose 11.3% year-on-year to 374,321 tonnes, as buyers anticipated improving demand for the metal following the country’s reopening from COVID-19 restrictions.
SHFE aluminium SAFcv1 increased 0.4% to 18,240 yuan a tonne, nickel SNICv1 was up 0.65% at 177,240 yuan a tonne, zinc SZNcv1 advanced 1.3% to 22,570 yuan a tonne, tin SSNcv1 jumped 2.7% to 185,900 yuan a tonne and lead SPBcv1 edged up 0.2% at 15,360 yuan a tonne.
LME zinc CMZN3 increased 0.4% to $2,905 a tonne, lead CMPB3 was up 0.1% at $2,091.50 a tonne and tin CMSN3 increased 1.2% to $22,780 a tonne, while aluminium CMAL3 fell 0.2% to $2,270 a tonne.
For the top stories in metals and other news, click
TOP/MTL or MET/L DATA/EVENTS (GMT)
1000 EU Total Trade Balance SA Jan
($1 = 6.8977 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
((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.
[ad_2]
Source link
