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BASE METALS: Shanghai Metals Gain On Weak Dollar; Aluminum Up 1.9%
Edited by : AL CIRCLE
1 min read
Base metals on the Shanghai Futures Exchange gained Wednesday on the back of a weak dollar amid growing concerns over the debt situation in the U.S.
Aluminum once again outperformed other metals as expectations of a steady rise attracted more speculative buying, while copper also gained due to supply concerns following a strike at BHP Billiton Ltd.'s (BHP) Escondida mine in Chile, the world's largest copper mine.
Benchmark SHFE October copper settled 0.6% higher at CNY72,830 a metric ton, while benchmark October aluminum settled 1.9% higher at CNY18,210/ton.
"Aluminum's fundamentals are getting better and better, and that means a foreseeable uptrend down the road, which brought in some speculative funds today," a trader at a foreign house in Shanghai said.
Aluminum once again outperformed other metals as expectations of a steady rise attracted more speculative buying, while copper also gained due to supply concerns following a strike at BHP Billiton Ltd.'s (BHP) Escondida mine in Chile, the world's largest copper mine.
Benchmark SHFE October copper settled 0.6% higher at CNY72,830 a metric ton, while benchmark October aluminum settled 1.9% higher at CNY18,210/ton.
"Aluminum's fundamentals are getting better and better, and that means a foreseeable uptrend down the road, which brought in some speculative funds today," a trader at a foreign house in Shanghai said.
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