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Copper Eyes 10,000T Level as U.S. Dollar Softens

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HANOI, April 29 Reuters London copper prices inched closer towards an important psychological level of 10,000 on Thursday, as a weaker U.S. dollar made the greenbackpriced metal cheaper to holders of other currencies.

Threemonth copper on the London Metal Exchange was up 1.1 at 9,980 a tonne by 0632 GMT, having risen to as high as 9,999.50 a tonne earlier in the session, only 50 cents off the key 10,000 resistance level last hit in February 2011.

Copper is supported by a weaker dollar and dovish comments from the Federal Reserve, said commodities broker Anna Stablum of Marex Spectron in a note.

The dollar was pinned near nineweek lows as a doggedly dovish outlook from the Fed and bold spending plans from the White House gave a green light for the global reflation trade.

The mosttraded June copper contract on the Shanghai Futures Exchange hit 72,960 yuan 11,273.53 a tonne, its highest since February 2011.

FUNDAMENTALS

Goldman Sachs forecast copper would average 9,675 a tonne in 2021, 11,875 a tonne in 2022 and 12,000 a tonne in 2023.

However, Yangshan copper premiumĀ fell to 43 a tonne, its lowest since April 2017, indicating weakening demand from top consumer China as prices have leaped 29 this year.

However, Yangshan copper premium fell to 43 a tonne, its lowest since April 2017, indicating weakening demand from top consumer China as prices have leaped 29 this year.

ShFE zinc hit its highest since March 2008 of 22,610 yuan a tonne, while LME zinc hit a…

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