METALS-Copper rises as strong US retail sales boost sentiment
September 17 (Reuters) – Copper prices rose on Friday after the United States reported better-than-expected retail sales, which could temper expectations of slower economic growth in the world’s largest economy.
Copper is also used as an indicator of global economic health.
Copper at three months on the London Metal Exchange CMCU3 was up 0.7% to $ 9,429 per tonne at 03:18 GMT, as the most traded October copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.8% to 69,640 yuan ($ 10,788.37) per ton.
* LME aluminum CMAL3 increased 0.3% to $ 2,888.50 per tonne, lead CMPB3 rose 0.8% to $ 2,227 a tonne and zinc CMZN3 was up 0.4% to $ 3,093 per tonne.
* ShFE nickel SNIcv1 fell 1.5% to 145,110 yuan per ton, zinc SZNcv1 rose 1.1% to 22,860 yuan per ton, tin SSNcv1 increased by 1.1% to 261,480 yuan per ton and aluminum SAFcv1 edged up 0.1% to 22,700 yuan per ton.
* A Japanese aluminum buyer agreed to pay a global producer a premium of $ 220 per tonne over the benchmark price for October-December shipments, up 19% from the current quarter to reflect higher premiums abroad, two sources said.
* Yunnan aluminum 000807.SZ, a unit of the Chinese state-owned metallurgical group Chinalco, reduced its 2021 aluminum production target by more than 500,000 tonnes, or nearly 18%, after the local government decided to maintain production limits for the rest of the year.
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* Asian stocks stabilized early in the session after losses earlier in the week, but nervousness from China and worries about global growth weighed on investors’ minds as the dollar eased. maintained near a three week high. MKTS / GLOB DATA / EVENTS (GMT)
0600 UK Retail Sales MM, YY Aug
0600 UK retail sales excluding fuel MM August
0900 HICP EU final MM, YY August
1400 US U Mich Sentiment Prelim Sept
($ 1 = 6.4551 yuan)
(Reporting by Mai Nguyen in Hanoi; editing by Uttaresh.V)
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