After a turbulent week for metals, copper and aluminum went up after growing concerns over the state of the global economy.
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While metals markets were calmer Friday, prices suffered a dismal few days due to fears of monetary tightening and deteriorating demand from top consumer China. Copper, often seen as an economic bellwether, is heading for its sixth weekly decline in London.
Federal Reserve Chair Jeromy Powell pushed back on Thursday against speculation of more aggressive interest-rate hikes. China has a still uncertain battle to quell Covid-19 outbreaks, which is a major concern across markets, particularly with weaker global growth. The plan to stamp out the community spread of the disease and open up the city by May 20, the first time officials have set a timeline for ending one of the longest and most punishing lockdowns that China has enforced during the epidemic.
Investors are alert to any changes by China to bolster support for the economy, including a possible interest-rate cut as early as Monday. China is expected to report its weakest monthly economic indicators since the outbreak of the epidemic two years ago on Monday.
Copper rose by 0.1% to $9,096. The London Metal Exchange has 50 a ton on its 8: 13 a.m local time and is down 3.4% this week. It was the lowest since October on Thursday. Aluminum increased by 1.6% but is still heading for a weekly loss.
Tin fell by 0.7% after it plummeted more than 10% at one point on Thursday. Bearish sentiment is sweeping the relatively illiquid market just as supplies begin to recover from the Pandemic.
The metal used in solder and packaging has been dumped by funds on the Shanghai Futures Exchange after the sentiment has soured, said Cui Lin, China representative at the International Tin Association. Cui said that Tin's outlook largely depends on the Fed's next move and the evolution of China's Covid lockdowns.
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