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Copper hits two month high reached above USD 7,000 per tonne

Metal News - Published on Fri, 22 Dec 2017

Image Source: Wikimedia
Reuters reported that copper hit a two month high on Wednesday as the dollar fell and investors remained upbeat about global growth prospects as a US tax overhaul neared completion and China’s economy remained on a firm footing. The dollar slid against most currencies, with the greenback seen as having limited upside given that investors have already factored in a comprehensive US tax bill that is all but certain to be signed into law by President Donald Trump.

A weak dollar makes dollar-priced metals cheaper for non-US investors.

A trader said that “Overall it seems investor confidence has come back. When we crossed USD 6,700 again last week it triggered buying. The weaker dollar is helping.”

COPPER PRICE: Three-month copper on the London Metal Exchange ended up 1.5 percent at USD 7,0454 a tonne, crossing the psychologically important USD 7,000 mark and hitting its highest since mid-October at USD 7,070.50

CHINA ECONOMY: In China, consumer of nearly half the world’s copper, leaders at an economic planning meeting said Beijing will deepen structural reforms and curb risks to the financial system while maintaining steady growth in 2018.

Mr Robin Bhar, metals specialist at Societe Generale said that “US equities are at record highs, tax cuts are coming through, global growth is not too hot but not too cold either, there’s lots of reasons to be risk on. Strikes are going to be a big factor next year (in copper).”

COLUMN: Threat of strikes looms large for copper supply in 2018: Andy Home

PERU: The centre-right government of Peru’s embattled President Pedro Pablo Kuczynski cancelled its scheduled auction of a USD 2 billion copper project, Michiquillay, amid a growing political crisis.

Source :

Posted By : Rabi Wangkhem on Fri, 22 Dec 2017
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