METALS-Stimulus expectations strengthen most industrial metals
Reuters - Prices of most industrial metals climbed on Thursday, supported by expectations of further measures from central banks and governments to shore up economic growth and demand weakened by the spread of the coronavirus.
Traders said the mood, however, in industrial metals markets remains sombre as consumers and producers wait to see how demand holds up over the coming weeks and months.
Benchmark zinc on the London Metal Exchange (LME) climbed 1.5% to $2,011 a tonne in final open outcry trading.
Prices of the metal widely used for galvanising steel are down by nearly a fifth since mid-January.
“The physical market is sidelined, trading is dominated by funds reacting to macro triggers,” one copper trader said, adding that the market was waiting for indications on manufacturing and construction activity in top consumer China.
COPPER: While most base metals rose, copper moved into the red as U.S. and European share markets resumed their downward trend as cases of the virus surged in the United States.