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London Metal Exchange (LME) copper futures hit their highest level since mid-2018 on Friday as the dollar continued to fall, while falling inventories suggested demand for copper was picking up steadily
.
At 17:00 London time on August 28 (00:00 Beijing time on August 29), three-month LME copper rose $46, or 0.
7%, to $6,667 a tonne, after hitting its highest level since June 2018 at $6,709.
50 a tonne
.
Copper prices rose
for the fifth consecutive session.
Analysts said copper inventories are decreasing at a fairly rapid pace, fundamentals look pretty good, and stock of warehouse receipts in exchange warehouses is falling
.
There are also signs that the market is seeing high levels of systematic buying and high-frequency trading
.
The Fed introduced a new monetary policy on Thursday that could keep interest rates low and put pressure
on the dollar.
Make metals more attractive
to holders of other currencies.
The official manufacturing purchasing managers' index (PM I) is expected to edge up to 51.
2
in China, thanks to a sustained recovery in demand and continued expansion of manufacturing activity in August, according to the median estimate of 16 analysts.
If so, it will hit a five-month high and be in expansion territory for half a consecutive year; Last month, it was 51.
1
.
Copper stocks in LME-registered warehouses fell to their lowest level since December 2005 at 89,350 tonnes
.
Supply concerns helped spot copper maintain a premium of about $23 per tonne over three-month copper
.
Weekly data released on Friday showed warehouse copper inventories monitored by the Shanghai Futures Exchange fell by 2,180 tonnes to 170,086 tonnes
.
