Copper edges higher at end of see-saw week
Updates prices
By Mai Nguyen
Oct 4 (Reuters) -Copper prices rose on Friday, after having see-sawed in holiday-thinned trade through the week, as a lack of fresh catalysts kept prices from gaining further, following a rally on demand hopes amid stimulus measures from top consumer China.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.4% to $9,904 per metric ton by 0702 GMT, aluminium CMAL3 increased 0.8% to $2,651 and nickel CMNI3 climbed 1.7% to $17,895.
LME zinc CMZN3 advanced 0.8% to $3,148.50, lead CMPB3 was up 0.5% at $2,152.50, while tin CMSN3 was nearly flat at $33,700.
Copper prices could climb further as China tends to follow through with their fiscal stimulus pledges, and prices will likely peak at around $10,500, where physical demand may struggle to keep up, said a metals trader.
"Bad data releases can trigger sell-offs in the very short term," the trader added.
On a weekly basis, however, LME copper fell 0.8%, on track for the first decline in four weeks, as the market awaits more cues after a strong rally triggered by the China's stimulus plans. LME copper gained 6.4% in September, the best month since April.
China is closed for a public holiday from Oct. 1-7.
Tin is set for the fourth straight week of gains, having hit its highest since July 11 earlier in the week.
Indonesian tin exports have picked up in September but some major producers have reached their export quotas and need to renegotiate before exports can resume, while exports from Myanmar continued to decline, said analyst Freddie Mitchell of the International Tin Association.
"Sentiment among tin consumers is positive, with market participants anticipating an overall demand recovery in 2024," Mitchell said in a note.
SHFE tin stocks fell to 8,698 tons, the lowest since Feb. 2, while LME tin inventories were last at 4,565 tons, the lowest since Aug. 23.
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Reporting by Mai Nguyen in Hanoi; Editing by Savio D'Souza and Rashmi Aich
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