The three-month nickel price hit a daily high of $ 16,800 a tonne during early trading on Thursday, the highest level since March 4, when it was at $ 17,485 a tonne.
The metal also opened 0.8% higher at $ 16,775 a tonne, up from $ 16,636 a tonne at 5:00 p.m. Wednesday, down 3% from the previous day to $ 16,740 a tonne. ton.
“The S&P 500 closed at another record high. [of 4,079.50 points] several deals since US President Joe Biden announced his $ 2.25 trillion infrastructure plan in his White House speech, ”said Anna Stablum, LME Desk analyst at Marex Spectron, in a morning note.
The minutes of the last meeting of the Federal Reserve System showed that the US central bank plans to keep its asset purchase program unchanged, while the lending rate will also remain at near zero level until at least 2023, which will support equity markets.
The three-month copper price also rose slightly on Thursday morning to $ 8,980.50 a tonne, compared with a closing price at 5:00 pm Wednesday of $ 8,915 a tonne.
However, LME copper inventories continue to rise, showing signs of weaker metal consumption than previously expected. On Thursday, 7,875 tons of copper were produced between warehouses in Trieste and Rotterdam.
The total stock level was 157,075 tonnes worldwide, the highest level since mid-November last year, up 9% since the beginning of April. Stocks of copper in warehouses listed on the Shanghai Futures Exchange also rose 4.9% in the week to April 2 to 197,628 tons.
“Sentiment is also thwarted by signs that the Chinese government is seeking to suppress asset bubbles. AT [People’s Bank of China] has asked its major lenders to curb credit growth until the end of the year following a sharp increase in lending in the first two months of the year, ”said Daniel Hines, senior commodities strategist at ANZ.
“This has raised further concerns about weaker demand in China as copper has struggled to break higher in recent weeks amid concerns over a cut in stimulus measures in China,” he added.
- The three-month aluminum price rose to $ 2,277 per ton Thursday morning, the highest this week.
- The US dollar index was at 92.30 on Thursday at 9 am, down from 91.61 at the same time on Tuesday, which also supported LME prices.
- Today’s economic data includes the number of US initial jobless claims in the week leading up to April 3. A speech by the chairman of the Federal Reserve System Jerome Powell is also scheduled, and auctions for the placement of 10-year bonds will also take place in Spain, France and the UK.