London copper rebounds on short-covering

FE Team | Published: October 16, 2024 21:10:24

London copper rose on Wednesday as investors squared their bets on lower prices after a rebound from a key psychological support level and ahead of a Chinese conference on the property sector, reports Reuters.
Three-month copper on the London Metal Exchange (LME) was up 0.7 per cent at $9,597.50 per metric ton by 0817 GMT, rebounding from a three-week low hit in the previous session.
The most-traded Novem-ber copper contract on the Shanghai Futures Excha-nge (SHFE) closed down 0.2 per cent at 76,720 yuan ($10,778.01) a ton, tracking overnight losses in London.
Gains in metals prices were limited as the dollar firmed on bets that US rate cuts will be gradual. A stronger dollar makes greenback priced metals more expensive to holders of other currencies.
"Everyone is just waiting for various announcements (from China)," a trader said, adding that $9,500 is a technical and psychological support level.
"Price is just fluctuating about," the trader added.
Another trader said that there was some short-covering ahead of a press conference on China's property sector, scheduled for Thursday.
More details on China's stimulus measures may be revealed at the country's National People's Congress later in October.
In late September, metal prices surged after a US rate cut weighed on the dollar and on China's pledges of strong stimulus measures to boost the economy.
However, prices have retreated as follow-up announcements from China lacked details and disappointed investors.
LME aluminium rose 0.8 per centto $2,592 a ton, zinc edged up 0.5 per cent at $3,069, lead increased 0.4 per cent to $2,087.50, tin advanced 0.9 per cent to $32,680 while nickel edged down 0.5 per cent at $17,330.
SHFE aluminium eased 0.1 per cent to 20,705 yuan a ton, nickel SNIcv1 fell 0.9 per cent to 132,550 yuan, while zinc SZNcv1 rose 1.1 per cent to 25,300 yuan, lead SPBcv1 climbed 1.7 per cent to 16,790 yuan and tin SSNcv1 advanced 1.3 per cent to 266,850 yuan.