Copper prices decline as supply increases and demand
London - XINHUA
The base metal prices on the London Metal Exchange (LME) mostly increased on Monday, as investors expected the U.S. would not cut its interest rates soon.
U.S. job growth slowed a bit in July and the unemployment rate unexpectedly rose, pointing to slack in the labor market, which could give the U.S. Federal Reserve room to keep interest rates low for a while.
Furthermore, manufacturing data of China and most of Asia showed the sector grew in July, while expansion slowed in Europe but remained steady in the United States.
Copper price rose as the improving prospects for demand in China, although growing global supplies kept investors cautious. The three-month unofficial copper price increased 45 U.S. dollars, or 0.6 percent, to 7,136 U.S. dollars per tonne.
Besides, the three-month unofficial aluminum price rose 41 U.S. dollars, or 2.07 percent, to 2,019 U.S. dollars a tonne. The three-month unofficial lead price increased 51 U.S. dollars, or 2.3 percent, to 2263 U.S. dollars a tonne. The three-month unofficial zinc price up 41 U.S. dollars, or 1.8 percent, to 2384 U.S. dollars a tonne.
By contrast, the three-month unofficial nickel price lost 12.5 U.S. dollars, or 0.07 percent, to 18,550.0 U.S. dollars a tonne. The three-month unofficial tin price lost 100 U.S. dollars, or 0.44 percent, to 22,425 U.S. dollars a tonne.