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Commodity News |
HeadLine : |
Copper inches higher as investors eye U.S. stimulus |
Date : |
Jan 27 2021 |
Copper prices edged up on Tuesday, as investors awaited cues to the prospects of a U.S. stimulus package proposed by President Joe Biden that is worth $1.9 trillion.
Three-month copper on the London Metal Exchange edged up 0.1% to $7,973 a tonne by 0315 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange was almost flat at 58,810 yuan ($9,087.68) a tonne.
Biden is pushing for a sweeping pandemic relief proposal, but Democratic Majority Leader Chuck Schumer warned a comprehensive deal may be four to six weeks away, as many U.S. Republicans have balked at the price tag.
China, the world’s top metals consumer, reported a fall in new COVID-19 infections, official data showed.
LME cash aluminium was at a $8.33-a-tonne premium over the three-month contract CMAL0-3, a level unseen since December 2019, indicating tight nearby supplies.
ShFE tin hit a record high of 173,070 yuan a tonne and tin advanced 1.1% to $22,705 a tonne, hovering around its highest since 2014, as tight supplies supported prices.
Source:Reuters
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