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Copper pared back further amid subdued global risk appetite

December 8, 2020by Nicholas Kabaso0

Copper has pared back further this morning driven by rising US-Sino trade tensions, increasing COVID-19 infection rates and an uncertain stimulus timeline out of the United States. 3m LME copper was quoted some 0.4% lower at $7680/tonne this morning at 04:30am local time while the most traded copper contract in China closed some 0.8% down on the session at CNY8706.76/tonne. 

Chile’s Central Bank yesterday announced that it had posted a trade surplus of some $1.568bn on the back of increased copper exports. Cop-per export revenue jumped by some 24.3% to $3.572bn in November which will be welcomed by the Chilean government given the contribution of copper to the fiscus.

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Nicholas Kabaso

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