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London Metal Exchange (LME) copper futures held steady on Friday after hitting one-month lows in the previous session, as markets awaited economic data to understand the outlook for economic growth and demand, as well as stimulus packages
to boost economic activity.
At 17:00 London time on September 25 (00:00 Beijing time on September 26), three-month copper edged up 0.
33%, settling at $
6,545 a tonne.
Copper prices fell to $6,449 a tonne on Thursday, down more than 5 percent
from a 27-month high hit on Monday.
Copper is widely used in the power and construction industries
.
China's manufacturing data, a key indicator of industrial metal demand, will be released
next week.
Citi analyst Oliver Nugent said: "There is a news vacuum, and the second wave of the pandemic has dominated the headlines, creating an environment
that will see prices fall.
The U.
S.
stimulus package could be passed next month, and the Fifth Plenum of the 19th Central Committee of the Communist Party of China will convene
next month.
These macro factors should make October and November a positive month
.
House Democrats are working on a $2.
2 trillion coronavirus stimulus package that will be voted on
next week.
A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies, weighing on sentiment as it could dampen demand
.
Funds that use this correlation to generate buy and sell signals from numerical models have taken profit on long positions this week
.
Spot copper premium fell to $7 a tonne from a 26-month high above $40 a tonne hit earlier this month amid concerns about supply
in the LME market.
