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London Metal Exchange (LME) copper futures rose on Friday as optimism about demand from China, the largest consumer, a balanced market, record low copper inventories in LME registered warehouses and a lower U.
S.
dollar, drove new buying
.
At 17:00 London time on September 11 (00:00 Beijing time on September 12), the three-month LME copper closed up 1.
06% at $
6,739 a tonne.
Earlier this month, copper prices hit a 26-month high of $6,830 a tonne
.
Among other base metals, three-month aluminum closed down 0.
8 percent at $
1,775.
00 a tonne.
CRU analysts estimate that demand in China fell 15%
in the first quarter due to the coronavirus pandemic.
However, the second quarter saw a strong recovery
.
China's refined copper demand is expected to grow by 1-2%
this year.
Copper prices should remain supportive
around the mid-$6,000 range.
Most of the short-term risks come from specific factors outside the copper market, namely the US dollar, further capital inflows, government stimulus measures or the development of
the coronavirus pandemic.
China's copper imports rose to a record high of 762,210 mt in July, reflecting strong demand
for copper.
In the first eight months of 2020, China's copper imports increased by 38% year-on-year to 4.
27 million tons
.
A weaker dollar making dollar-denominated metals cheaper for investors holding other currencies could boost demand
.
LME warehouse copper stocks reported 75,550 tonnes, the lowest level
since 2005.
In 2005, a bull market in commodity prices began
as Chinese demand accelerated.
Spot copper has been at a premium over three-month copper since early July, indicating tighter
supply.
