The content of the article
HANOI. Copper prices in London rallied Thursday amid a weakening dollar and hopes of higher demand for metals due to a $ 2 trillion infrastructure supply in the United States.
Three-month copper on the LME rose 0.7% to $ 8,978 a tonne by 06:40 GMT, as the dollar hovered around more than a two-week low, making dollar-denominated metals more attractive to holders of other currencies.
US President Joe Biden is expected to meet with lawmakers over his proposed infrastructure bill, which is expected to boost demand for industrial metals in the coming weeks.
Meanwhile, May copper, the most traded on the Shanghai Futures Exchange, fell 0.4% to 66,860 yuan ($ 10,212.47) a tonne, falling to 66,310 yuan a tonne, the lowest since April 2. at the beginning of the session.
Yangshan Premium Copper
Copper stocks in warehouses approved by the London Metal Exchange
Sentiment also eased on signs that the Chinese government is seeking to suppress asset bubbles, analysts at ANZ said in a note.
“However, any weakness in China could be mitigated by strong growth in the United States,” analysts said, adding that the infrastructure plan should include significant increases in demand for industrial metals such as copper.
* Aluminum on the LME rose 0.2% to $ 2,265 / t, zinc fell 0.1% to $ 2,830 / t, and lead fell 1% to $ 1973 / t.
* Nickel ShFE rose 0.7% to RMB 126,480 / t, tin fell 0.9% to RMB 183,220 / t and zinc rose 0.3% to RMB 21,915 / t. (1 dollar = 6.5469 yuan) (Reporting by Mai Nguyen; editing by Subhranshu Sahu and Uttaresh. V)