Copper near 8-month high as China industrial profits, trade hope offset slowdown fear

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Copper near 8-month high as China industrial profits, trade hope offset slowdown fear

Copper futures’ prices hit their highest level since May this year in the London Metal Exchange on Friday, the 27th of December, as investors’ appetite seemed to be gaining momentum following release of a fairly upbeat China industrial profits data that shrugged off a three-month long losing streak alongside some of the China slowdown jitters which had been ebbing off industrial metal futures’ prices amid a steeper demand concern.

On top of that, as Beijing and Washington had been getting more and more closer towards sealing an interim trade deal which would likely to come as a breather for China’s industrial sector and the United States’ agricultural industry, two of the heaviest hits in the eighteen-month long tormenting trade war between the Washington and Beijing.

Meanwhile, referring to Friday’s (December 27th) upbeat China data that tuned up the tone for copper metal futures’ prices on Friday’s (December 27th) metal exchanges, a senior trader in the London Metal Exchange said on Friday (December 27th), “(There’s) broader optimism on copper building over the last few months.

A simmering down in trade tensions should be good for the world economy but a full and final settlement doesn’t look imminent. ” Citing statistics, on Friday’s (December 27th) market wrap up, benchmark copper futures’ prices in the London Metal Exchange wrapped up the day at $6,214 per ton after scoring a session high of $6,266.50 a ton, its highest level since May 7th this year, while copper futures’ prices used in the utility and construction industry had notched a weekly gain of 0.6 per cent, the benchmark’s sixth weekly rise in a row and its longest streak of gain in more than two years.

Among other industry-grade metals, aluminum winded down the day 0.6 per cent higher to $1,825 per ton, zinc futures’ prices added 1.4 per cent to $2,305 per ton, while tin remained steady at $17,120 per ton. Meanwhile, lead lost 0.4 per cent to $1,939 alongside nickel which was nudged 0.9 per cent lower to $14,210 per ton on Friday’s (December 27th) market closure amid an oversupply in China.