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Trade Service
LONDON Feb.
13 (Reuters) Copper and other base metals prices rose on Thursday as traders shed news of thousands of new coronavirus cases and turned their attention to China's possible efforts
to stop the outbreak disrupting supply.
The pandemic hit economic activity in China, the world's largest manufacturing hub, pushing metal prices
lower.
As of 24:00 on February 12, Hubei has reported a total of 48,206 new coronary pneumonia cases (including 13,332 clinically diagnosed cases), a total of 3,441 cured and discharged cases in the province, and a total of 1,310 deaths in the province
.
In fact, if the 13,332 new clinically diagnosed cases on February 12 are deducted, it is equivalent to 1,508 new cases in Hubei Province yesterday, down from 1,638 new cases
on February 11.
Academician Zhong Nanshan Zhou said that the epidemic may end
in April.
Kieran Clancy, an analyst at Capital Economics, said the higher number of new cases in Hubei province reflected a change in the calculation of statistical cases, rather than an acceleration
in the spread of the virus.
He added: "That's why we're seeing a lackluster market response
.
" Clancy also said the focus is now shifting from the impact of the pandemic on metal demand to the risk that containment measures will disrupt production, which could support prices
.
China is the world's largest producer and consumer of metals
.
Global equities fell, and the renminbi weakened
.
According to Xinhua News Agency on February 13, the reporter learned from the China Association of Automobile Manufacturers that according to the statistics of key enterprises by the China Association of Automobile Manufacturers, China's automobile production and sales in January were 1.
783 million and 1.
941 million units, down 33.
5% and 27% month-on-month, and 24.
6% and 18%
year-on-year, respectively.
Rio Tinto said on Wednesday that shipments of copper concentrate from Mongolia to China had slowed
in order to control the spread of the coronavirus outbreak.
Federal Reserve Chairman Jerome Powell on Wednesday reiterated his confidence in
the U.
S.
economic outlook.
Brokerage Marex Spectron said copper futures support was at $5,707 a tonne, at the level of the ascending trend line that began at the Feb.
3 low
.
At 17:00 London time on Feb.
13 (01:00 EDT Feb.
14), LME three-month copper closed up 0.
5% at $
5,790 a tonne.
The contract is down nearly 10 percent from four weeks ago, but has recovered
from a low of $5,523 hit on Feb.
3.
