SINGAPORE — Copper costs rose on Monday as U.S. President Donald Trump’s response to a China’s security legislation on Hong Kong was no longer as extreme as the market had expected.
Trump on Friday ordered the approach of striking off special U.S. treatment for Hong Kong but did no longer mention any action that can undermine the U.S.-China Share 1 trade deal.
Markets had feared any tariff row would undermine the already dampened global economy and further weaken the steel’s quiz.
Three-month copper on the London Metal Substitute climbed 1.2% to $5,440 a tonne by 0135 GMT, while the most-traded July copper contract on the Shanghai Futures Substitute jumped 1.4% to 44,400 yuan ($6,241.65) a tonne.
* CHILE COPPER: Chile produced 474,880 tonnes copper in April, up 2.8% 365 days-on-365 days, despite restrictions to tame the coronavirus outbreak.
* CHINA PMI: China’s manufacturing facility exercise grew at a slower lope in Could well perchance simply but momentum in the companies and products and construction sectors quickened.
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* Asian share markets began on a cautious uncover and gold gained as photos of riots in burning U.S. cities anxious traders already disturbing over Washington’s strength battle with Beijing.
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Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1=7.1135 yuan) (Reporting by Mai Nguyen; Modifying by Rashmi Aich)