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| Commodity News |
| HeadLine : |
LME metals rise from 2016 lows on U.S. stimulus hopes, production cuts |
| Date : |
Mar 18 2020 |
Most industrial metals rose on the London Metal Exchange (LME) on Wednesday, bouncing back from heavy losses in the previous session on hopes of a U.S. stimulus package and as miners reduced operations in response to the coronavirus outbreak. Three-month LME copper rose as much as 0.9% to $5,191 a tonne, while nickel, zinc, lead and tin all added more than 2% in early Asian trade, with only aluminium in the red, losing 0.5%. All LME base metals had hit their lowest since 2016 in the previous session in a broad virus-related sell-off. Three-month LME copper was up 0.5% on $5,171.50 a tonne, after touching a 40-month low of $5,127 on Tuesday. Copper was last below $5,000 a tonne in November 2016. The front-month copper contract on the Shanghai Futures Exchange fell as much as 2.5% to 41,320 yuan ($5,893.60) a tonne, its lowest since November 2016. The LME plans to suspend open-outcry trading next week and shift all business to its electronic system for the first time after Britain imposed severe restrictions on social life to fight coronavirus. Miners including Anglo American shuttered or wound down operations in Peru on Tuesday and were girding for extended supply chain disruptions in neighbouring Chile, the world's top copper producer, as governments tightened restrictions to try to slow the spread of the virus.
Source : Reuters
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