Copper Trading Forecast: Three-month copper on the London Metal Exchange (LME) was up 0.5% at $8,300 per metric ton by 0454 GMT, after losses in the previous session amid selling across risk asset classes.
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Copper prices (HG) in London
Copper prices (HG) in London edged higher on Friday, although gains were limited as investors awaited more clues on the U.S. Federal Reserve’s interest rate trajectory and demand outlook in top consumer China.
interest rate hikes
Data on Thursday pointed to a more resilient U.S. economy and raised the likelihood of further interest rate hikes by the Fed, denting investor sentiment.
The most-traded August copper contract on the Shanghai Futures Exchange (SFE) dipped 0.2% to 67,720 yuan ($9,349.98) per metric ton.
Copper and Aluminium Demand
Higher completion rates in China’s property sector and the new energy industry have been the key drivers for copper and aluminium demand, analysts at Guosen Futures said.
Domestic supply, however, of the two metals is likely to expand. Copper smelters would be incentivized to ramp up production amid multi-year high charges, and aluminium production in the southwestern Yunnan province is also rising.
Copper premiums in Chinese spot market (SMM-CU-PND) dropped to 60 yuan per ton on Thursday from 440 yuan earlier in the week, indicating better supply.
