Base metals prices advanced, as record closing highs on Wall Street and a drop in new confirmed cases of coronavirus in China lifted sentiment.
London Metal Exchange’s three-month copper was up 1.2 percent at $5,736 a ton. Nickel climbed 2.8 percent to $13,250 a ton, zinc advanced 1.7 percent to $2,170 a ton and aluminum rose 1.3 percent to $1,724.50 a ton.
The S&P 500 and the Nasdaq closed at all-time peaks on Monday as Chinese workers and factories slowly returned to business.
Wall Street notched record highs overnight, Chinese securities have gained as well, so the sentiment has improved, an industry source said.
“I’d say China is under control now, or close to that. The government has measures to fight against that (the outbreak),” the person added.
The death toll from the coronavirus epidemic in mainland China crossed 1,000 on Tuesday.
However, the number of new confirmed cases fell.
The most-traded copper contract on the Shanghai Futures Exchange advanced 0.3 percent to 45,620 yuan ($6,545.48) a ton, aluminum rose 0.9 percent to 13,815 yuan a ton, nickel climbed 1.7 percent to 106,320 yuan a ton, while zinc fell 0.2 percent to 17,115 yuan a ton. – Reuters
