Prices of non-ferrous metals in London rose on Thursday as the depreciation of the dollar made metals sold at greenback prices cheaper for holders of other currencies.
Three-month copper on the London Metal Exchange (LME) was up 0.4% at $9,939.50 a metric tonne by 0236 GMT, aluminum was up slightly 0.3% at $2,585, the Nickel rose 0.1% to $18,905, tin climbed 1.6% to $31,080.
LME zinc fell 0.1% to $2,877 per tonne while lead was flat at $2,180.
The dollar fell after the Fed signaled it was still leaning toward possible interest rate cuts, but reiterated it wanted “greater confidence” that inflation would continue to fall before to reduce rates.
Trading volume was low due to a public holiday in China, the largest consumer country.
Chinese copper producers plan to export up to 100,000 tonnes of the metal, the largest volume in 12 years, to cool the surge that has sent prices to record highs and fill their order books, according to officials. sources.
Stocks of aluminum in LME-approved warehouses fell to 131,375 tonnes on Tuesday, their lowest level since at least 1998, as canceled warrants – metals earmarked for delivery – jumped 82% in a year. little more than two weeks.
The discount or contango for buying aluminum tomorrow and selling it the next day, known as tom-next, turned into a premium or discount on Wednesday, indicating an immediate supply tightening.
Aluminum prices on the LME rose 10.9% last month, the best monthly gain since January 2023, on concerns about supply disruption amid sanctions on the Russian metal and optimism about economic recovery in China.
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