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Copper did not firm in a single direction this session, taking advantage of dollar weakness against its rivals, but also with an eye on renewed concerns over the global economy, in the face of turmoil in the banking sector with the fall shares of First Republic Bank.
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On Comex, the metals division of the New York Mercantile Exchange (Nymex), copper, scheduled for delivery in July, fell 0.09% to $3.8615 a pound. On the London Metal Exchange (LME), a ton of metal over three months rose by 0.19% around 2 p.m. (from Brasilia), to 8,545 dollars.
As fears over the global economy grow as the First Republic returns to feature heavy losses, expectations turn to demand for the commodity. According to TD Securities, base metals are holding their breath as leading demand indicators are “pointing to a period of destocking.” “Overall, this suggests that the next few weeks will be fundamental in determining the outlook for short-term demand for commodities,” he said, in analysis.
On investors’ radar is the statement from Teck Resources, a Canadian natural resources company, which stressed that it continues to ramp up its main copper project in Chile, seeking to optimize production.
Among other metals traded on the LME under the same deadline, at the time quoted, a tonne of aluminum advanced 0.13% to US$2,335; lead returned 0.17% to US$2,114; nickel rose 1.81% to $23,615; pewter gained 1.85% to $25,880; and zinc rose 1.79% to $2,647.50.
*With information from Dow Jones Newswires.
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