Nov. 29 -- Copper extended gains in Asia as equity markets advanced on speculation the U.S. Federal Reserve will cut interest rates next month, easing concern that slowing economic growth may damp demand for the metal.
The MSCI Asia Pacific Index climbed 2.4 percent to 160.34 at 9:58 a.m. in Shanghai, with nine of its 10 industry groups gaining. European stocks advanced for the first time this week, and U.S. equities rose for a second day yesterday.
February-delivery copper on the Shanghai Futures Exchange added as much as 2 percent, or 1,120 yuan, to 56,640 yuan ($7,656) a ton, and stood at 56,280 yuan at 9:59 a.m. local time.
Copper for delivery in three months on the London Metal Exchange gained 0.9 percent to $6,774 a ton at the same time, extending a climb of 1.7 percent yesterday.
March-delivery copper on the Comex division of the New York Mercantile Exchange added 0.8 percent to $3.0585 a pound at 10 a.m. Shanghai time. The contract added 1.4 percent yesterday.
Lending support to the metals complex is news that a Peruvian port workers strike in its eighth day is blocking copper, zinc and lead shipments.
The strike at Lima's Callao port, the country's largest, has cost mining companies $90 million in lost shipments to date, Peru's National Society of Mining, Petroleum & Energy said yesterday. Peru is the world's third-largest producer of copper and zinc and fourth in lead.
The MSCI Asia Pacific Index climbed 2.4 percent to 160.34 at 9:58 a.m. in Shanghai, with nine of its 10 industry groups gaining. European stocks advanced for the first time this week, and U.S. equities rose for a second day yesterday.
February-delivery copper on the Shanghai Futures Exchange added as much as 2 percent, or 1,120 yuan, to 56,640 yuan ($7,656) a ton, and stood at 56,280 yuan at 9:59 a.m. local time.
Copper for delivery in three months on the London Metal Exchange gained 0.9 percent to $6,774 a ton at the same time, extending a climb of 1.7 percent yesterday.
March-delivery copper on the Comex division of the New York Mercantile Exchange added 0.8 percent to $3.0585 a pound at 10 a.m. Shanghai time. The contract added 1.4 percent yesterday.
Lending support to the metals complex is news that a Peruvian port workers strike in its eighth day is blocking copper, zinc and lead shipments.
The strike at Lima's Callao port, the country's largest, has cost mining companies $90 million in lost shipments to date, Peru's National Society of Mining, Petroleum & Energy said yesterday. Peru is the world's third-largest producer of copper and zinc and fourth in lead.
No comments:
Post a Comment