copper\s rise defies china steps to contain inflation
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

Copper's rise defies China steps to contain inflation

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Copper's rise defies China steps to contain inflation

London - Arabstoday

Copper rose Tuesday, absorbing another monetary policy tightening move in China, as economic data from the world's top consumer of the metal eased global growth concerns and boosted risk appetite. Benchmark copper on the London Metal Exchange was untraded in official rings but bid at $9,015 (Dh33,085) a tonne from Monday's close of $8,910. China's inflation accelerated to 5.5 per cent in May, but was in line with expectations. Industrial output, with a rise of 13.3 per cent, was also in line with forecasts. Beijing increased the reserve requirement ratio for its commercial lenders by another 50 basis points, hours after the data, its sixth increase this year. "The impact of the reserve requirement ratio rise was limited. I think more market players are looking at the economic data itself, which came in line," Commerzbank analyst Daniel Briesemann said. "(The data) is being interpreted as quite good ... But nevertheless there is still the need to take on more measures to fight inflation." China is the world's top copper consumer. Other data showed its refined copper output dropped 3.3 per cent on the month in May after falling 3.4 per cent in April, due to reduced supply of scrap and the country's power shortages. The euro gained versus the dollar. A weaker dollar makes metals cheaper for holders of other currencies. Investors will also watch out for US data due later in the day, including retail and auto sales, and producer prices, which the market will scour for clues to the magnitude and duration of the slowdown in the world's largest economy. Economists polled by Reuters do not believe that the United States will slide back into recession and expect activity to pick up in the second half of the year. Also lending support to copper prices was a three-week contractor strike at the world's No 5 copper mine, Chile's El Teniente, which Codelco's chief executive said will hit future output as fresh violence raised the spectre of a prolonged disruption. Copper inventories at LME warehouses fell further away from one-year highs, down by 2,075 tonnes to 473,675 tonnes. Aluminium traded at $2,607 from $2,590 a tonne. China's production of nickel, primary aluminium and its raw material alumina hit records in May on increased capacity that could see aluminium output rise further in June. Norsk Hydro's chief financial officer said that financing deals were helping to drive aluminium prices but they still had performed poorly compared with other base metals. Tin traded at $25,380 in rings from $24,795 a tonne, having hit its lowest since December at $24,510. "The run in tin prices earlier this year to a series of record highs led to an increase in exports from Indonesia and China and consumer destocking," Standard Bank said in a note. "The result has been a steady rise in LME stocks which has weighed on both sentiment and prices, and has led to investors to liquidate long positions." From / Gulf News

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

copper\s rise defies china steps to contain inflation copper\s rise defies china steps to contain inflation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

copper\s rise defies china steps to contain inflation copper\s rise defies china steps to contain inflation

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 07:43 2017 Monday ,16 October

'Final phase' of battle for Raqa

GMT 07:58 2011 Monday ,17 October

Chinese stocks close 0.37 pct higher Monday

GMT 13:38 2011 Friday ,11 November

Tips to great skin and hair

GMT 16:57 2017 Tuesday ,24 January

Bahrain condemns attack on market

GMT 19:36 2017 Thursday ,13 April

Despite warning, Assad regime uses barrel bombs

GMT 18:42 2017 Tuesday ,11 April

Muscat Securities Market Loses 29 Points

GMT 11:44 2014 Saturday ,01 November

Arab League council to hold emergency meeting Sunday

GMT 09:21 2011 Monday ,17 October

Tulisa showed on X Factor

GMT 18:08 2017 Tuesday ,17 January

Jordanian Royal Decree Approves Cabinet Reshuffle

GMT 09:07 2011 Sunday ,12 June

Israel to allow limited goods into Gaza

GMT 12:16 2011 Saturday ,18 June

Marilyn Monroe dress stars in Hollywood sale

GMT 13:42 2011 Sunday ,30 October

Watermelon helps reduce atherosclerosis

GMT 21:45 2017 Thursday ,27 April

US dollar exchange rate stable at major banks
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday