(Updating prices, adding values)
HANOI, Feb. 1 (Reuters) – Copper prices rose higher Monday as investors were relieved that China, the world’s largest consumer of metals, may not be squeezing credit as much as expected.
China has been tightening regulations in its metallurgical sector, which eats a lot of metals, to keep bubbles at bay, while its banking and insurance regulator also recommended risk management measures at financial institutions .
Investors have been worried that China would further tighten the market by raising interest rates, but the country’s central bank on Friday denied rumors that it had raised the interest rate on the lending facility. their stable.
“The metals (markets) are relieved that the smelting liquid will be eased before Chinese New Year, even though there will be less money in the system than in previous years,” said commodity broker Anna Stablum of Marex Spectron .
“It’s not (China’s credit crunch) until it’s over, but the highest level is likely to be behind us,” Stablum said.
Three-month copper on the London Metal Exchange rose 0.3% to $ 7,883 per tonne before 0542 GMT and the most traded copper contract in March on the Shanghai Futures Exchange rose 0.1% at 57,990 Yuan ($ 8,977.75) per tonne.
PROPERTY
* Prices for the import of copper into China have jumped to their highest level in more than five months, as rising waves are causing concern over shipments from Chile’s main producer.
* In January, China ‘s factory activity grew at its slowest pace in months hit by a wave of domestic coronavirus diseases and falling export orders amid global pandemics and rising costs, studies have shown.
* LME aluminum rose 0.7% to $ 1,991.50 per tonne, nickel rose 1.1% to $ 17,880 per tonne and zinc rose 0.9% to $ 2,603.50 per tonne.
* ShFE aluminum jumped 1.8% to 15,195 Yuan per tonne, while tin fell 1.8% to 169,910 Yuan per tonne after ShFE tin deposits SSN-TOTAL-W an increase of 22.1% last week.
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$ 1 = 6.4593 yuan Reciting by Mai Nguyen; Edited by Amy Caren Daniel and Uttaresh.V