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According to the news, London copper unexpectedly rebounded on Friday to close higher on a wave of speculative buying unexpectedly late in the session, although the increase in new coronavirus cases still rattled
the market.
Copper was flat below flat levels or barely held steady for most of the session until the dollar index came under pressure
after the unsatisfactory US purchasing managers' data (PM).
A weaker dollar makes dollar-denominated commodities like copper more convenient for investors holding non-dollar currencies Robert Montefusco, an analyst at Sucden Financia, said, "It's a bit strange because if the economy is particularly weak, we usually see base metals react negatively to it
.
" We did spot some support near the current price lows and then we found a wave of speculative buying, which triggered some stop-loss
buying.
Perhaps because the market has not continued to explore, speculators believe that the market should be driven higher
.
”
At 17:00 London time on February 21, 01:00 Beijing time on February 22, three-month copper rose 0.
7% or $37 to close at $5,765 a tonne, falling as low as $
5,684 a tonne during the session.
Fears of the spread of the coronavirus this month pushed copper prices to their lowest level in nearly two years and led to their longest decline since at least 1977
.
The global refined copper market was oversupplied by 33,000 tonnes in November 2019 and 15,000 tonnes
in October, according to CSG, an international copper research organization.
CSG's monthly report shows that in the first 11 months of this year, the global refined copper market was short of 384,000 tons, compared with a shortage of 408,000 tons
in the same period last year.
A Chinese report on Friday showed that more than 200 people had tested positive
for the coronavirus in two prisons in Hubei province.
In addition, more than 100 new infections were confirmed in South Korea, and according to official statistics, the virus also appeared in 26 countries and regions outside the Chinese mainland, resulting in 11 deaths
.
Danie Briesemann, an analyst at Commerzbank, said that "many market participants believe that the worst is over, but it has spread beyond China, and these fears are recurring" In the coming weeks, we will have data confirming the impact on the economy and metal demand, which should put more pressure
on prices.
”
A Japanese zinc refinery has reached a deal with a Western mining company to process zinc processing at $300 a tonne in 2020, Chinese research firm Antaike said Thursday, and it is unclear whether that price will become the industry's benchmark for 2020, with Canadian Teck resources and South Korea's largest smelter, Korea zinc nc, agreeing to a 2019 benchmark processing fee of about $
245 per tonne.
