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MOST nonferrous metals rose on Tuesday, buoyed by improved risk sentiment across financial markets in top consumer China where authorities considered to boost funding and stabilise the stock market.
Three-month copper on the London Metal Exchange rose 0.2% to $8,364 per metric ton by 0426 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange fell 0.2% to 67,880 yuan ($9,466.17) a ton.
Chinese authorities were considering to mobilise about 2 trillion yuan to stabilise the slumping stock market, Bloomberg News reported.
On Monday, the country’s cabinet pledged to take more effective measures to stabilise market confidence, including stepping step up medium- and long-term fund injections in the capital market.
However, analysts say that the metals price rally is unlikely to sustain.
“Chinese economy and a continued drift in its consumption performance are weighing on metals prices, and we believe the nation will remain key in driving the general trend of the whole complex, most likely resulting in range-bound moves in the meantime,” broker Sucden Financial said in a note.
“The momentum of the day will be influenced by monetary policy expectations. As the dollar is expected to remain strong for most of this quarter, base metals will likely trade at the lower end of the trading range.”
The U.S. dollar hovered near a more than one-month high, keeping greenback-priced metals more expensive to holders of other currencies.
LME aluminium was nearly flat at $2,159.50 a ton, nickel advanced 0.9% to $16,150, zinc climbed 0.8% to $2,476.50, lead edged up 0.3% at $2,130, and tin jumped 0.6% to $25,765.
SHFE nickel rose 0.7% to 127,670 yuan, zinc edged up 0.1% at 20,765 yuan, lead advanced 1% to 16,635 yuan, tin climbed 1.2% to 216,470 yuan, while aluminium fell 0.5% to 18,620 yuan a ton. – Reuters
