Copper prices ease but head for weekly gains
GLOBAL-METALS/:METALS-Copper prices ease but head for weekly gains
Dec 6 (Reuters) - Copper prices were subdued on Friday but headed for weekly gains as the U.S. dollar stayed muted, while traders looked for further signals on top consumer China's stimulus measures.
Three-month copper on the London Metal Exchange (LME) dipped 0.1% at $9,068.5 per metric ton, as of 0200 GMT, but was on track for a second straight weekly gain, up 0.7%.
The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) slipped 0.2% to 74,350 yuan ($10,231.75) a ton but gained 0.8% for the week.
The U.S. dollar rally continues to cool, making metals more affordable for other currency holders.
The market's focus is on China's Central Economic Work Conference meeting this month, where top leaders will set economic growth targets. So far, investors have mostly been disappointment about the lack of aggressive fiscal stimulus measures by China to boost its sluggish economy.
"Prices are expected to remain around $9,000 per ton for the rest of the quarter," analysts at Macquarie said.
"Flagging demand in China caused by trade tariffs could see a shift in Chinese stimulus to drive domestic demand, or there could be a stronger recovery in developed markets."
The U.S. President-elect Donald Trump, who takes office in January, has pledged to impose "an additional 10% tariff" on imports from China.
LME aluminium lost 0.5% at $2,627 a ton, zinc fell 0.7% at $3,097.5, lead decreased 0.3% to $2,093, tin dropped 0.5% at $29,010, while nickel rose 0.2% at $16,005.
SHFE aluminium fell 0.9% at 20,400 yuan a ton, tin dipped 0.3% at 242,920 yuan, nickel fell 0.6% to 125,660 yuan, while zinc increased 0.5% to 25,525 yuan and lead firmed 0.6% at 17,710 yuan.
For the top stories in metals and other news, click or (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich)
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First Published:6 Dec 2024, 08:04 AM IST
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