Tuesday, July 25, 2017 11:08:02 AM
LONDON, July 25 (Reuters) - Copper prices hit their highest in more than two years on Tuesday, boosted by signs of robust demand from top consumer China, tight supplies, a weak dollar and a break of key technical levels.
Benchmark copper on the London Metal Exchange was up 3.2 percent at $6,217 a tonne at 1445 GMT, having earlier hit $6,234 a tonne, its highest since May 2015. Gains accelerated after New York opened.
"China growth is looking stronger, it's encouraging at a time when you would normally expect a lull," said Cantor Fitzgerald analyst Asa Bridle. "We have a perfect combination of decent demand and tighter supplies."
CHINA GROWTH: China's gross domestic product was up 6.9 percent in the second quarter year-on-year, faster than the consensus 6.8 percent and the government's 6.5 percent target.
CURRENCY: The U.S. currency fell to a 13-month low against a basket of major currencies, making dollar-denominated metals cheaper for holders of other currencies and potentially helping demand.
SUPPLY: Disruptions to copper shipments from Canada and Chile have undermined expectations for rising global copper supplies in the second half of the year.
Good Luck To All!$!$
FEATURED POET Announces Design Win and Collaboration with Foxconn Interconnect Technology for High-speed AI Systems • May 14, 2024 10:09 AM
FEATURED Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero • May 14, 2024 7:00 AM
VAYK Added New Manager for Expansion into $64 Billion Domestic Short-term Rental Market • VAYK • May 14, 2024 9:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM