Commodity News
HeadLine : Copper advances on China stimulus hopes, drop in virus cases
Date : Feb 20 2020
Copper prices advanced on Wednesday amid hopes of more stimulus measures from China to support an economy hurt by the coronavirus outbreak, while sentiment was also lifted as the number of new infections dipped for a second straight day. China reported 1,749 new confirmed cases of coronavirus infections, the lowest daily rise since Jan. 29. The death toll, however, passed 2,000. The outbreak has hurt economic activities in China, the world’s top metals consumer. Three-month copper on the London Metal Exchange (LME) was up 0.6% at $5,809.50 a tonne, while the most traded copper contract on the Shanghai Futures Exchange (ShFE) advanced 0.3% to 46,260 yuan ($6,615.19) a tonne. Chinese refined copper production touched a 20-month low in January, output slowdown due to the outbreak was not as severe as expected, a satellite surveillance showed. China’s imports of refined copper and aluminium consumption are seen falling this year, research house Antaike said. China’s exemptions on duties for U.S. copper and aluminium scrap will not massively increase imports because of the virus outbreak.

Source: Reuters
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