Copper rises, heads for first monthly gain since May on Fed rate-cut expectations
BEIJING, Aug 30 (Reuters) -London copper prices climbed on Friday, while heading for a marginal monthly gain since May, thanks to prospects of U.S. interest rate cut, while demand woes limited gains.
Three-month copper on the London Metal Exchange CMCU3 added 0.3% to $9,270.50 per metric ton by 0126 GMT. The contract has gained 0.5% so far this month, the first monthly increase since May.
The most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 slid 0.3% to 73,990 yuan ($10,425.24) a ton, up 0.5% so far this month.
Copper prices, often seen as an economic indicator, tumbled in the beginning of August when dissapointing U.S. jobs data fanned recession risks and roiled global risk asset market.
The market then recovered as subsequent economic reports eased the fears, while participants also eyed a rate cut in September which would likely brighten industrial demand.
Data showed on Thursday the U.S. economy grew a little faster than expected in the second quarter, modestly reducing expectations for a larger 50 basis-point rate cut next month by the Federal Reserve.
Traders are waiting for more data later in the day for further clues on rate cut.
This month also saw some declines in copper invetories in China, as falling prices encouraged buying. However, overall demand stayed tepid, hit by the housing crisis.
Demand is expected to pick up because of better seasonal industrial activities in September and October.
LME aluminium CMAL3 climbed 0.6% to $2,471 a ton, nickel CMNI3 added 0.2% to $17,035, zinc CMZN3 moved 0.6% higher to $2,896.50, lead CMPB3 increased 0.3% to $2,041.50 and tin CMSN3 nudged 0.1% up at $32,375.
SHFE aluminium SAFcv1 dipped 0.2% to 19,730 yuan a ton, lead SPBc1 slipped 0.5% to 17,315 yuan, while nickel SNIcv1 was 0.4% higher to 132,150 yuan, zinc SZNcv1 trimmed 0.3% lower to 24,090 yuan and tin SSNcv1 nudged 0.1% higher to 263,890 yuan.
For the top stories in metals and other news, click
TOP/MTL or MET/L
($1 = 7.0972 Chinese yuan renminbi)
Reporting by Siyi Liu and Mei Mei Chu; Editing by Rashmi Aich
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
