BEIJING: Copper prices in London held steady on Friday, on track for a second consecutive weekly gain, with demand optimism from the world’s top consumer China and supply disruptions.
Three-month copper on the London Metal Exchange dipped 0.1% to $8,403.50 per metric ton by 0151 GMT, and gaining 1.7% this week.
The most-traded December copper contract on the Shanghai Futures Exchange climbed 0.3% to 68,150 yuan ($9,450.71) per ton, up 0.5% this week.
Demand outlook for copper, used in power, housing and infrastructure sectors, was brightened by a raft of measures China issued to revive its economy.
The country may allow banks to offer unsecured short-term loans to qualified property developers for the first time, Bloomberg News reported on Thursday.
Also weighing on the market was supply risks.
Copper pulls back on firm dollar, profit-taking ahead of Thanksgiving
A major Panama copper mine run by Canada’s First Quantum Minerals is not operating at commercial levels, a spokesman said on Thursday, following blockades by protesters at a key port that have prevented the miner from receiving shipments of coal that power the site and other supplies.
Meanwhile, stronger performance of yuan lent further supports, making it cheaper to buy the greenback-priced commodity.
LME aluminium was listless at $2,224 a ton, tin slid 1.7% to $24,070, zinc little moved at $2,537, nickel lost 0.5% to $16,540, while lead rose 0.5% to $2,224.50.
SHFE aluminium added 0.2% to 18,825 yuan a ton, zinc ticked 0.4% up to 21,030 yuan, lead shed 0.5% to 16,490 yuan, tin slipped 1.8% at 200,160 yuan, while nickel rose 0.5% to 129,190 yuan.
Source: brecorder.com