- Write by:
-
Friday, June 2, 2023 - 11:26:22
-
195 Visit
-
Print
Mining News Pro - The copper price rose on Friday after a surprise boost in Chinese factory activity lifted hopes for improved demand.
Copper for delivery in July was up 1.88% on the Comex market in New York, touching $3.78 per pound ($8,316 per tonne).
The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) on Thursday showed that Chinese manufacturing activity unexpectedly swung to growth in May, contradicting a weaker official PMI reading earlier in the week.
Meanwhile, the US Senate passed legislation to raise the government debt ceiling.
With investors also betting that the US Federal Reserve will not raise interest rates further at its next meeting, appetite for riskier, growth-linked assets grew.
Global stock markets rose and the dollar was heading for its biggest weekly drop since January, helping dollar-priced metals by making them cheaper for buyers with other currencies.
Economic and factory growth remain weak globally, but investors appear to have exhausted their desire to sell copper, said Saxo Bank strategist Ole Hansen.
Copper could move higher if it closes above its 200-day moving average, currently around $8,375, but a period of price consolidation is likely, Hansen said.
“To move higher, we need some improvement in the economic numbers,” he added.
Short Link:
https://www.miningnews.ir/En/News/623003
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
No comments have been posted yet ...