LME Aluminum 3M Select trades $-18.50 lower to $3051 at 8:35:04 AM
LME Copper 3M Select trades $80.75 higher to $14236 at 8:35:04 AM
(Bloomberg) – Copper rebounded from its lowest close in a week as a rout in technology stocks subsided and oil prices pulled back, easing fears around global growth. The metal climbed 0.7% to $14,246 ton on the London Metal Exchange at 10:10 a.m. local time, after sliding 1.4% on Friday to close out a third weekly decline. Most Asian and European stocks rose along with US equity futures as risk appetite reemerged on Monday, while oil fell on a report that US President Donald Trump wants to give diplomacy with Iran more time before deciding whether to renew attacks. Copper has traded in a relatively narrow range near $14,500 in the past two months, with investors tracking uncertainties on a number of fronts including the sustainability of artificial intelligence spending, prospects of US tariffs on refined copper and the risk of military escalation in the Middle East. The metal is also finding some support from growing signs of production constraints at mines. Chile’s output sank to its lowest for at least two decades in the last quarter, and the country is forecasting only a modest recovery next year. Copper has a structural supply challenge that “keeps price risk firmly skewed to the upside as long as global growth remains resilient,” Jefferies Financial Group analysts wrote in a note. Other metals were mixed on Monday, with aluminum edging lower, zinc inching higher and nickel up 1%.
CME HRC Steel last traded at $1355 and $8 higher at 8:36:30 PM
