Tuesday, October 26

Base metals rise as investors cheer US debt-limit progress


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Prices of base metals broadly rose on Friday, helped by upbeat sentiment in global equities, as the United States moved closer to resolving its debt-ceiling wrangles.

The US Senate on Thursday approved legislation to temporarily raise the federal government’s $28.4 trillion debt limit and avoid the risk of a historic default this month, but it put off until December a decision on a longer-lasting remedy.

The Senate-passed bill is still pending approval from the House of Representatives.

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Three-month copper on the London Metal Exchange rose 0.5% to $9,330.50 a tonne by 0321 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange increased 1.5% to 69,160 yuan ($10,723.81) a tonne.

LME nickel jumped 3.6% to $18,920 a tonne, LME tin rose 2.3% to $36,100 a tonne, ShFE nickel increased 3.6% to 142,780 yuan a tonne and ShFE tin advanced 3.5% to 280,200 yuan a tonne.

FUNDAMENTALS

* Chile’s copper exports hit $4.157 billion in value in September, up 18.5% from a year earlier, boosted by strong global prices for the metal, the central bank said on Thursday.

* Glencore’s Antapaccay copper mine in Peru said on Thursday it did not plan to execute this year or next its Coroccohuayco project that provoked protests from nearby residents.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares rose as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering.

DATA/EVENTS (GMT)

1230 US Non-Farm Payrolls

1230 US Unemployment Rate

1230 US Average Earnings YY ($1 = 6.4492 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)



financialpost.com

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