Abstract On the London Metal Exchange (LME), the price of base metal futures rose on Monday, and copper prices led the rise due to a technical rebound in the market, and a series of manufacturing data were basically in line with expectations or better than expected. At the end of the London Metal Exchange, copper prices jumped 3.4% from last Friday's closing price to each...
On the London Metal Exchange (LME), the price of base metals rose on Monday, and copper prices led the rise due to a technical rebound in the market, and a series of manufacturing data were basically in line with expectations or better than expected. At the end of the London Metal Exchange, copper prices jumped 3.4% from last Friday's closing price to $6,978 per tonne; copper prices were boosted by supply concerns earlier. Analysts said that copper prices led the rise in metals, as European and US manufacturing data were slightly stronger than expected, and the market rebounded after a few weeks of technical decline.
One of the reasons for the rise in copper prices is that it is unclear when the Mongolian government will allow Oyu Tolgoi, the main new mine of Rio Tinto, to start exporting copper concentrates. According to sources close to Rio Tinto, the delay in exports is based on political considerations, and there is a wave of anti-privatization in some parts of Mongolia.
Stephen Briggs, senior metals strategist at BNP Paribas, said copper prices were also boosted by purchasing managers' index (PMI) data released in Europe, China and the US. He said that the European manufacturing PMI data is quite good, indicating that the situation in Europe may not be too bad, and the Chinese PMI has not deteriorated, and the US PMI is slightly better than expected, which is reassuring.
However, he believes that the increase in copper and other base metals can be basically attributed to the technical rebound after the sharp decline in the past few weeks.
Aluminum prices also rose sharply, closing up 3.0% to $1,827. Analysts say that, like copper, the rise in aluminum prices is also mainly due to a technical rebound.
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