August 26 (Reuters) – Copper prices rose on Friday as hopes grew that further stimulus in China, the metals’ biggest consumer, would boost demand, while better-than-expected economic data in the United States and Europe also supported the market. .
Three-month copper on the London Metal Exchange CMCU3 was up 0.5% at $8,172 a tonne, as of 0150 GMT. It has gained 1% so far this week.
The most traded copper contract in September on the Shanghai Futures Exchange SCFcv1 climbed 1.3% to 63,450 yuan ($9,259.66) per ton.
China will add 19 new policies on top of existing measures unveiled in May, including increasing the quota on policy financing tools by 300 billion yuan ($43.69 billion), to support its stricken economy. COVID.
The U.S. economy contracted at a more subdued pace than initially thought in the second quarter as consumer spending cushioned some of the slowdown from a sharp slowdown in inventory accumulation, dispelling fears that a recession is underway.
Germany’s economy grew in the second quarter, supported by household and government spending and beating analysts’ expectations that it was on the verge of a slowdown, data showed on Thursday.
Peru, the world’s second-largest copper producer, expects the metal’s price to fall to $3.40 a pound in 2023 from an average of $3.90 this year, according to economy ministry forecasts released. Thursday.
The dollar held firm ahead of the highly anticipated speech by US Federal Reserve Chairman Jerome Powell, which traders hope could offer clues to the central bank’s rate hike plans. USD/
LME aluminum CMAL3 rose 0.1% to $2,435 a tonne, zinc CMZN3 added 0.5% to $3,566, leading CMPB3 fell 0.2% to $1,971.5.
Shanghai Aluminum SAFcv1 fell 0.7%, zinc SZNcv1 pink 0.9%, nickel SNIcv1 gained 1.8%, leading SPBcv1 was down 0.7%, and tin SSNcv1 added 0.2%.
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TOP/MTL Where MET/L
1230 US consumption, July adjusted MA
1400 United States U Mich Sentiment Last August
2:00 p.m. US Federal Reserve Chairman Jerome Powell speaks on the economic outlook ahead of the 2022 Jackson Hole Economic Symposium
($1 = 6.8523 Chinese Yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
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