LIVE FUTURES REPORT 30/11: LME copper price hits new 2020 high on positive Chinese data

The London Metal Exchange copper price rose by 1.8% in morning trading on Monday November 30, continuing the bullish trend from the previous week and boosted by positive Chinese economic data and a weak dollar index, but nickel was the laggard.

Copper’s three-month price, which last Friday leapt to numbers not seen since April 2013, rose to $7,636.50 per tonne at 9am with over 14,000 lots exchanged on the LME. The copper price touched an intraday high of $7,692.50 per tonne during early morning trading, the highest price since March 26, 2013. Last week, it rose by 4.48% from Monday’s closing price of $7,117.50 per tonne to Friday’s closing price. The majority of the complex was boosted this morning by outstanding Chinese economic data: Chinese manufacturing purchasing managers’ index (PMI) climbed to 52.1 in November, its highest since September 2017 and up from 51.4 in October, with non-manufacturing PMI also rising to...

Published

Ana de Liz

November 30, 2020

11:00 GMT

London