 |
|
|
|
| Commodity News |
| HeadLine : |
London copper gains as weaker U.S. dollar draws buyers |
| Date : |
Jul 27 2020 |
London copper rose on Monday as a weaker U.S. dollar makes the metal attractive for buyers using other currencies. Three-month copper on the London Metal Exchange rose 0.3% to $6,431.50 a tonne, having lost 0.5% last week, its first weekly decline since May. However, gains were capped as potential labor strikes in top copper producer Chile have not materialized. Antofagasta’s avoided a strike at Zaldivar copper mine in Chile, while mediation talks at its Centinela mine were extended in a last-ditch effort to stave off a strike. The most-traded September copper contract on the Shanghai Futures Exchange fell 0.4% to 51,590 yuan ($7,368.63) a tonne, tracking losses in the previous overnight London session. An unprecedented drop in lead demand from the auto battery sector due to COVID-19 has led to massive surpluses flowing into exchange warehouses, a surge analysts say is only the tip of the iceberg.
Source: Reuters
|
|
|
News Archives:
|
|
|
|
|