BEIJING — London copper prices climbed on Monday, supported by top metals consumer China’s pledge to stabilize its COVID-ravaged economy and as tight global stockpiles fueled supply concerns.
Three-month copper on the London Metal Exchange was up 1.1% at $8,358.50 a tonne, as of 0838 GMT.
China will focus on stabilizing its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said a statement last Friday following an agenda-setting meeting attended by President Xi Jinping and his senior officials.
More policy easing should stabilize the property sector, said Wang Tao, Head of Asia Economics and Chief China Economist of UBS Investment Bank Research.
“We expect more support to come, including further lowering of mortgage rates and down-payment requirements, relaxation of home purchase restrictions, and more credit support for stalled projects,” Wang said.
Supply concerns also lent some support, traders said.
Canada-based miner First Quantum Minerals said on Friday it is going through “all available legal means” after the Panamanian government ordered it to pause operations at its flagship copper mine over a payments dispute.
Copper inventories in warehouses monitored by SHFE fell 18.5% week-on-week to 64,041 tonnes last Friday.
Copper stocks on the LME warehouses ticked 375 tonnes higher to 84,100 tonnes last Friday, but were more than halved from 180,925 tonnes seen in May.
Still, fastspreading infections in China after the government relaxed strict anti-virus controls fueled worries over the impact on near-term manufacturing activities.
The country reported its first COVID-related deaths in weeks on Monday.
The most-traded January copper contract on the Shanghai Futures Exchange dipped 0.5% at 65,110 yuan ($9,336.51) a tonne.
Also weighing on sentiment was a hawkish U.S. Federal Reserve that lead to fears that longer interest rate hikes would exacerbate demand for metals.
Among other metals, LME aluminum climbed 0.5% at $2,386.50 a tonne, zinc added 0.6% to $3,036.50, lead edged 0.1% up to $2,153, while tin eased 0.6% to $23,390.
SHFE aluminum was down 1.1% at 18,540 yuan a tonne, tin slipped 2.5% to 187,500 yuan, zinc fell 1.9% to 23,790 yuan and nickel retreated by 1.8% to 213,730 yuan.
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($1 = 6.9737 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Sherry Jacob-Phillips and David Goodman )
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
