Prices of industrial 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.
However, macroeconomic uncertainty and a strong dollar capped further gains in copper.
“Macro uncertainty is high. (Investors) need to continue to pay attention to the impact of power rationing on both sides of the supply and demand,” said Jinrui Futures in a note, referring to ongoing power shortage in China and Europe, as well as possible US stimulus tightening and weakening economic growth.
Three-month copper on the London Metal Exchange rose as much as 1.2% before easing to trade 0.3% higher at $9,304 a tonne by 0635 GMT.
The most-traded November copper contract on the Shanghai Futures Exchange advanced 1.1% to 68,930 yuan ($10,688.15) a tonne, having jumped as much as 2.2% earlier in the session.
LME nickel advanced 3.3% to $18,870 a tonne, LME tin rose 2% to $36,005 a tonne, ShFE nickel increased 3.4% to 142,480 yuan a tonne and ShFE tin advanced 3.3% to 279,860 yuan a tonne.
* 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.
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($1 = 6.4492 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M. and Uttaresh.V)