Copper has risen slightly this session, with an eye on the revival of the Chinese economy, which could give more strength to the reopening of the country. On the other hand, the strength of the dollar contained the movement of the metal, which fell for part of the day.
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At Comex, the metals division of the New York Mercantile Exchange (Nymex), copper, scheduled for delivery in July, rose 0.01% to $3.7680 a pound. On the London Metal Exchange (LME), a ton of metal over three months rose by 0.11% around 2 p.m. (from Brasilia), to 8,337.50 dollars.
According to TD Securities, industrial metals in general were boosted by China’s announcement to order state banks to cut dollar deposit rates. However, the Canadian bank points out that there is little evidence that the deposit rate cuts seen since April have boosted the economy. “Against this backdrop, copper prices have rebounded from the lows, but a deteriorating trend in commodity demand should put the metal at a disadvantage.”
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Among other metals traded on the LME under the same timeframe, at the time indicated, a tonne of aluminum fell 1.18% to US$2,213.50; lead rose 0.27% to $2,038.50; nickel rose 0.96% to $21,015; pewter gained 0.53% to $25,700; and zinc rose 1.87% to $2,338.
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