By Eileen Soreng

Feb 14 (Reuters) – London copper rose on Monday, as a jump in oil prices prompted investors to seek a hedge against quickening global inflation, though a firmer dollar capped gains in the greenback-priced metal.

Three-month copper on the London Metal Exchange (LME) was up 0.3% at $9,885 a tonne, as of 0705 GMT.The most-traded March copper contract on the Shanghai Futures Exchange closed down 1.6% at 71,360 yuan ($11,218.19) a tonne.

Oil prices hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S.and European sanctions that would disrupt exports from the world’s top producer in an already tight market.

“The market has realised war isn’t all that bad for inflation and re-assessing their view on copper as an inflation hedge together with oil and gold,” a Singapore-based trader said.

He also added latest rise in warehouse inventories is a reflection of the backwardation making material very expensive to hold.

Copper prices are often viewed as a gauge of global economic health and investors often buy commodities as a hedge against expectations of broadening inflationary risks.

Tensions in Europe propped the dollar index up 0.2%.

Data last week showed, warehouses monitored by the Shanghai Futures Exchange saw large inflows, with copper surging 164%.It was the first weekly stocks data since China closed for New Year holidays.

FUNDAMENTALS

* LME aluminium gained 2.1% to $3,201 a tonne, nickel climbed 2.4% to $23,605, lead was flat at $2,280, zinc rose 0.2% to $3,635 and tin was 0.1% higher at $43,600.

* ShFE harga pintu aluminium fell 1.1% to 22,715 yuan a tonne, nickel rose 1.6% to 176,520 yuan, zinc dipped 1.5% to 25,450 yuan, lead gained 0.6% to 15,385 yuan and tin slipped 2% to 331,960 yuan.

* A Peruvian community said on social media on Sunday that it will restart a road blockade against MMG’s Las Bambas mine, even as a second community agreed to a 45-day truce in its blockade.

* Being too “abrupt and aggressive” with interest rate increases could be counter-productive to the Federal Reserve’s goals, San Francisco Federal Reserve Bank President Mary Daly said on Sunday.

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

($1 = 6.3611 Chinese yuan) (Reporting by Eileen Soreng in Bengaluru; Editing by Sherry Jacob-Phillips, Rashmi Aich and Shailesh Kuber)

Tagged

Tinggalkan Balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *