Arab Today, arab today copper\s rise defies china steps to contain inflation
Last Updated : GMT 00:22:03
Arab Today, arab today
Arab Today, arab today

Copper\'s rise defies China steps to contain inflation

Arab Today, arab today

Arab Today, arab today Copper\'s rise defies China steps to contain inflation

London - Arabstoday

Copper rose Tuesday, absorbing another monetary policy tightening move in China, as economic data from the world\'s top consumer of the metal eased global growth concerns and boosted risk appetite. Benchmark copper on the London Metal Exchange was untraded in official rings but bid at $9,015 (Dh33,085) a tonne from Monday\'s close of $8,910. China\'s inflation accelerated to 5.5 per cent in May, but was in line with expectations. Industrial output, with a rise of 13.3 per cent, was also in line with forecasts. Beijing increased the reserve requirement ratio for its commercial lenders by another 50 basis points, hours after the data, its sixth increase this year. \"The impact of the reserve requirement ratio rise was limited. I think more market players are looking at the economic data itself, which came in line,\" Commerzbank analyst Daniel Briesemann said. \"(The data) is being interpreted as quite good ... But nevertheless there is still the need to take on more measures to fight inflation.\" China is the world\'s top copper consumer. Other data showed its refined copper output dropped 3.3 per cent on the month in May after falling 3.4 per cent in April, due to reduced supply of scrap and the country\'s power shortages. The euro gained versus the dollar. A weaker dollar makes metals cheaper for holders of other currencies. Investors will also watch out for US data due later in the day, including retail and auto sales, and producer prices, which the market will scour for clues to the magnitude and duration of the slowdown in the world\'s largest economy. Economists polled by Reuters do not believe that the United States will slide back into recession and expect activity to pick up in the second half of the year. Also lending support to copper prices was a three-week contractor strike at the world\'s No 5 copper mine, Chile\'s El Teniente, which Codelco\'s chief executive said will hit future output as fresh violence raised the spectre of a prolonged disruption. Copper inventories at LME warehouses fell further away from one-year highs, down by 2,075 tonnes to 473,675 tonnes. Aluminium traded at $2,607 from $2,590 a tonne. China\'s production of nickel, primary aluminium and its raw material alumina hit records in May on increased capacity that could see aluminium output rise further in June. Norsk Hydro\'s chief financial officer said that financing deals were helping to drive aluminium prices but they still had performed poorly compared with other base metals. Tin traded at $25,380 in rings from $24,795 a tonne, having hit its lowest since December at $24,510. \"The run in tin prices earlier this year to a series of record highs led to an increase in exports from Indonesia and China and consumer destocking,\" Standard Bank said in a note. \"The result has been a steady rise in LME stocks which has weighed on both sentiment and prices, and has led to investors to liquidate long positions.\" From / Gulf News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today copper\s rise defies china steps to contain inflation Arab Today, arab today copper\s rise defies china steps to contain inflation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today copper\s rise defies china steps to contain inflation Arab Today, arab today copper\s rise defies china steps to contain inflation

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday