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Copper pricing remains firmer on anticipation for stimulus and weaker DXY

Daniel Rogers

Sep 06, 2022 15:16

 截屏2022-06-15 下午4.06.52_1024x576.png

 

Reuters reported that the copper contract for three months on the London Metal Exchange (LME) increased 0.3% to $7,678 per tonne by 02:59 GMT, while the most-traded copper contract for October on the Shanghai Futures Exchange (SFE) rose 1.3% to 60,850 yuan ($8,773.45) per tonne.

 

In doing so, the red metal applauds the market's improved sentiment and hopes for additional support, particularly from China. The lower performance of the US Dollar Index (DXY) after it reached a 20-year high the day before is also encouraging for metal purchasers.

 

US 10-year Treasury yields jump 2.5 basis points (bps) to 3.21%, reflecting the sentiment, while S&P 500 Futures extend the week-start recovery to 3,943, up 0.50% intraday as of press time. In addition, market consolidation permitted the DXY to fall from the 20-year high to 109.37, prior to its current rebound to 109.62.

 

During a period of full markets, optimists appeared to have been supported by rumors of more aid packages to spur economic recovery. Nonetheless, the incoming British prime minister, Liz Truss, has a £130 billion energy plan in the works, while the People's Bank of China (PBOC) reduces the Reserve Requirement Ratio (RRR). In addition, policymakers from Germany and the Eurozone are making a concerted effort to shield energy businesses and winter stocks from the effects of the recession.

 

China's tightening supply and Peru's falling output of the metal further support the price. "The premium of LME cash copper over the three-month contract surged to $77.50 per tonne on Monday, the biggest level since December 2021," reported Reuters, indicating a diminishing supply of immediately available material in LME warehouses. Copper production in Peru, the world's second-biggest copper producer, decreased 6.6% year-over-year to 195,234 tonnes in July, as two of the nation's top mines underperformed.

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