Commodity News
HeadLine : Copper heads for best week since Feb on U.S.-China trade relief
Date : Dec 13 2019
Copper, widely used in power and construction, is on course to add 3.4% this week in what would be its fourth straight weekly rise and its biggest gain since the week ended Feb. 22. Three-month copper on the London Metal Exchange  rose as much as 0.7% to $6,201.50 a tonne, its highest since May 8. The metal was trading at $6,196 a tonne, after finishing flat in the previous session. The most-traded February copper contract on the Shanghai Futures Exchange dipped 0.1% to 49,120 yuan ($6,978.36) a tonne. The United States has reached a "phase-one" trade deal in principle with China, a source briefed on talks between the two nations said on Thursday, saying a statement from the White House was expected soon. The trade row has led to fears that demand for industrial metals will be affected, weighing on prices. China's Shandong Fangyuan Nonferrous Metals Group,one of the country's biggest private copper smelters, on Thursday denied online rumours that it had filed for bankruptcy and said operations are running normally.     

Source : Reuters
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