Zinc and aluminium futures in China advanced on Thursday, underpinned by worries about supply, while easing concerns about the Omicron coronavirus variant and upbeat US economic data pushed copper prices higher.
Zinc's benchmark January contract on the Shanghai Futures Exchange rose as much as 3.1% to 24,465 yuan ($3,840.78) a tonne, its highest since Oct. 27.
Shanghai aluminium for January delivery jumped 2.6% to 20,335 yuan a tonne, its loftiest since Nov. 4.
"Due to soaring electricity prices in Europe, some non-ferrous production capacity, such as zinc and aluminum, is once again restricted," analysts at Huatai Futures said in a note.
LME aluminium may rise towards $2,808 this week
Three-month zinc on the London Metal Exchange was down 0.4% at $3,519 a tonne, as of 0510 GMT, after touching $3,550 on Wednesday, the highest since Oct. 21.
LME aluminium climbed 0.3% to $2,834 a tonne, having hit $2,849 on Wednesday, the highest since Oct. 26.
LME copper was up 0.2% at $9,625 a tonne, extending gains to a fourth day.
In Shanghai, the most-traded February copper contract rose as much as 0.9% to 70,090 yuan a tonne, its highest since Dec. 8.
The dollar index hovered near a one-week low against riskier currencies and asset classes, making greenback-priced metals cheaper to holders of other currencies.
Overall sentiment was upbeat, with a global share rally continuing during Asian trading as markets welcomed positive news about the impact of the Omicron variant and US economic data.
A South African study and a research by London's Imperial College suggest reduced risks of hospitalisation and severe disease for Omicron-infected patients.
LME nickel gained 0.9% to $20,120 a tonne, while Shanghai nickel climbed 2.4% to 148,580 yuan a tonne. LME lead slipped 0.3% to $2,312.50 a tonne, but Shanghai lead added 1.7% to 15,680 yuan a tonne.
Comments
Comments are closed.