Commodities

METALS-London copper surpasses $10,000/T, set for best week since 2016

Credit: REUTERS/KHAM

London copper prices were on track for their biggest weekly gain in nearly five years on strong risk sentiment in the financial markets and as the metal surpassed a key psychological level.

Oct 15 (Reuters) - London copper prices were on track for their biggest weekly gain in nearly five years on strong risk sentiment in the financial markets and as the metal surpassed a key psychological level.

Three-month copper on the London Metal Exchange CMCU3 rose 0.4% to $10,028 a tonne by 0312 GMT, up 7.1% on a weekly basis and on track for its strongest weekly rise since November 2016.

The metal surpassed $10,000 a tonne in late trading on Thursday, the first time it has done so since June 14.

U.S. stocks powered ahead overnight after data showed a fall in new claims for unemployment benefits, lower-than-expected factory gate price inflation and forecast-beating results for the four largest U.S. consumer banks.

Copper is often used as a gauge of global economic health due to its widespread usage across industries.

The most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 advanced 2.8% to 73,840 yuan ($11,474.75) a tonne, up 6.6% on a weekly basis.

FUNDAMENTALS

* Cash copper on the LME was at a $147-a-tonne premium over the three-month contract CMCU0-3, the highest level since April 2012, indicating shortage of nearby supplies.

* LME aluminium CMAL3 rose 0.7% to $3,137.50 a tonne, while ShFE aluminium SAFcv1 increased 1.7% to 23,860 yuan a tonne, ShFE zinc SZNcv1 climbed 2.5% to 25,530 yuan a tonne and ShFE tin SSNcv1 advanced 1.5% to 279,080 yuan a tonne.

* For the top stories in metals and other news, click

TOP/MTL or MET/L

MARKETS NEWS

* Asian shares advanced, warmed by the embers of a strong day on Wall Street which also supported risk-friendly currencies and hurt the safe-haven yen, though worries about the Chinese economy capped gains. MKTS/GLOB DATA/EVENTS (GMT)

0645 France CPI (EU Norm) Final MM YY Sept

1000 EU Reserve Assets Total Sept

1230 US Retail Sales MM Sept

1400 US U Mich Sentiment Prelim Oct

($1 = 6.4350 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Krishna Chandra Eluri)

((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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