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26 February 2024

Industrial metals rally on rising demand

By Agencies

Shanghai copper futures rallied 3.6 per cent yesterday, chasing overnight gains in London, with markets soothed by cautiously positive comments by US leaders.

Copper climbed for a third day in Asia, pacing an advance in industrial metals, as a rally in global equity markets increased optimism that demand may rise.

Copper futures in Shanghai surged by the exchange-imposed daily limit with May-delivery gaining as much as 1,330 yuan, or five per cent from the previous settlement price, to 27,930 yuan a tonne and ended the day at 27,600 yuan. Copper on the London Metal Exchange rose $40 or 1.2 per cent to $3,325 a tonne following a $54 gain overnight.

Copper for three-month delivery on the LME gained as much as 2.9 per cent to $3,380 a metric tonne before trading at $3,357.5 in Singapore. Copper demand in China may rise eight per cent this year. The country's apparent refined copper demand, which is production plus imports minus exports, may increase to 5.5 million metric tonnes, according to CBI analysts.

Among other LME-traded metals, aluminium rose 0.2 per cent to $1,331.75 a tonne, zinc gained 0.7 per cent to $1,119, lead added 2.5 per cent to $1,020, and tin was 2.6 per cent higher at $10,800 in Singapore.