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12 April 2024

Base metals rally on positive demand data

By Agencies

Copper climbed to the highest level in more than 16 months in London, New York and Shanghai, pacing a gain in industrial metals, on speculation a global recovery from the worst recession since the second World War will revive demand.

Copper for delivery in three months on the London Metal Exchange (LME) gained as much as 1.6 per cent to $7,606 a metric tonne, the highest price since Aug. 28, 2008. It traded at $7,592 in Singapore. March-delivery copper on the Comex division of the New York Mercantile Exchange rose as much as 1.4 per cent to $3.46 a pound, the highest since August 28, 2008.

April-delivery copper on the Shanghai Futures Exchange added as much as 2.6 per cent to Y61,940 (Dh33,294) a tonne, the highest for a most-active contract since July 24, 2008, before ending at Y61,400. Futures rose for a 10th day, capping the longest winning run since the 10-day period to December 12, 2005.

"The bullish sentiment in the market is extremely strong these days. We'll see prices continue to rise before a correction, possibly around the level $7,700 to $7,800 a tonne," said Wang Zhouyi, an analyst at Shanghai CIFCO Futures.

LME-traded zinc also gained 1.1 pe rcent to $2,602 a tonne and lead added 2.1 per cent to $2,575 a tonne. Nickel was up one per cent at $18,905 a tonne, while tin advanced 1.3 per cent to $17,600 a tonne.


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