Please use symbol entry at top right of page to search

METALS-Base metals gain as banking crisis worries ease, dollar weakens

BEIJING, March 17 (Reuters) - Base metals prices rose on Friday, as a host of bailout measures to avert a banking crisis soothed investors' nerves, while a weaker dollar and hopes for Chinese demand recovery also boosted sentiment.

Three-month copper on the London Metal Exchange rose 0.9% to $8,597.50 a tonne by 0149 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange was up 0.1% to 67,180 yuan ($9,747.82) a tonne.

Copper prices, often seen as an economic bellwether, have been largely dominated by a rout in global markets after U.S.-based Silicon Valley Bank collapsed last week, followed by Credit Suisse shares tanking this week.

Investors welcomed news of a large group of banks infusing cash into U.S. lender First Republic Bank (FRC) and Swiss National Bank providing a lifeline to the embattled Swiss lender Credit Suisse.

Other metal prices also tracked global equities higher.

LME aluminium climbed 1.1% to $2,293.50 a tonne, zinc increased 1% to $2,886, lead advanced 0.3% to $2,073 and tin ticked up 2.2% to $22,695.

The dollar fell on Friday, making it more attractive for non-dollar holders to buy the greenback-priced commodity.

Sentiment was also supported by expectations of gradually recovering demand from top metals consumer China.

China's home prices gained momentum nationally in February, rising for a second consecutive month driven by pent-up demand even in smaller cities, but prices have yet to recoup all their losses and there remains a sizable stock of unsold homes.

SHFE aluminium added 0.3% to 18,195 yuan a tonne, nickel advanced 1.5% to 177,850 yuan, zinc was up 0.5% to 22,490 yuan and tin gained 0.7% to 183,140 yuan.

For the top stories in metals and other news, click or ($1 = 6.8918 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Rashmi Aich)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

Search News

Filter Results

Publication Date
  • All

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.