Copper saw steady moves on firm Chinese import data and weakness in the US dollar. Chinas copper imports surged in September, official data showed on Tuesday. Total imports of unwrought copper and copper products came in at 722,450 tonnes last month, the General Administration of Customs said, close to the record 762,210.9 tonnes in July. The latest figure marked an 8.1% increase from August and was up sharply by 62.3% from September 2019. The unwrought copper and copper products imports have soared 41% in first nine months of this year compared to same period last year. The red metal currently quotes at 3.04 per pound, down 0.17% on the day.
Shanghai base metals advanced mostly on Thursday morning as the US dollar index retreated on Wednesday after notching its biggest daily percentage gain in three weeks, while their counterparts on the LME set for a mixed start. Federal Reserve Vice Chairman Richard Clarida said the US economy faces a long and uncertain road to regain its pre-pandemic strength, with the COVID-19 pandemic still plaguing the economy. Hiking single-day coronavirus cases in European countries and dim hopes for US fiscal stimulus stoked pessimistic sentiment. Chinese exports rose 9.9% in September from a year earlier, in line with analysts’ expectations and up from a 9.5% increase in August. Imports jumped 13.2% compared to a 2.1% drop in August. China’s copper imports rose in September to their second highest level on record. Imports in the first nine months of 2020 were up 41% from a year earlier at 4.99 million tones.
TREND : SIDEWAYS
Time : 15/10/2020
Pivot : 3.0397
Technical View : LONG ABOVE 3.0470
Target : 3.0544, 3.0715, 3.0837
Technical View : SHORT BELOW 3.0304
Target : 3.0211, 3.0099, 2.9918