Three-month copper futures on the London Metal Exchange rose 3.9% to $9,322 a tonne, reversing the decline in the previous session. Evergrande agreed to pay interest on a domestic bond on September 23.
Copper prices rose nearly 4% as debt-ridden conglomerate Evergrande made interest payments on a domestic bond, easing fears the real estate giant’s troubles could affect the global economy.
Three-month copper futures on the London Metal Exchange rose 3.9% to $9,322 a tonne, reversing the decline in the previous session.
Evergrande agreed to pay interest on a domestic bond on September 23, while China’s central bank injected cash into the banking system.
On the London Metal Exchange, lead fell 0.5% to $2,124 a tonne after touching $2,108.5, the lowest level since April. Inventories in Shanghai more than tripled in the past six months to 205,898 ton.
Peru wants to revise the framework for the country’s mining industry, rewrite the law that regulates the sector as well as the law that sets out royalties payments.
Copper for October delivery traded on the Shanghai Stock Exchange closed down 0.9 percent at 68,780 yuan ($10,636.19) per ton, catching up with losses in London compared with two sessions before the Chinese market. closed for holidays.
Evergrande’s Hengda Real Estate Group said it will make the bond interest payment today after separate negotiations.
Analysts downplayed the threat of Evergrande’s troubles triggering a financial crisis.
On the London bourse, aluminum prices traded on September 23 increased by 2.4% to $2,913.50 per tonne, nickel prices rose 1.5% to $19,115 per ton, zinc prices rose 2.1% to $3,039.50. /ton and tin price increased 4.1% to 35,200 USD/ton.
Aluminum prices traded on the Shanghai floor on September 23 increased 2% to CNY 23,080/ton, lead price fell 3% to CNY 14,220/ton while tin price hit a record CNY 277,290/ton.
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