Shanghai copper prices rose on Monday, as risk sentiment improved after U.S. President Joe Biden and congressional Republican Kevin McCarthy agreed to suspend the government’s debt ceiling.
The most-traded July copper contract on the Shanghai Futures Exchange rose 1.5% to 64,850 yuan ($9,382.10) a tonne, aluminum advanced 1% to 18,045 yuan a tonne and zinc climbed 2.1% to 19,375 yuan a tonne.
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McCarthy and Biden forged an agreement on Saturday to avert an economically destabilizing default to suspend the $31.4 trillion debt ceiling until 2025.
The deal will now have to passes through the narrowly divided Congress and, if approved, will prevent the U.S. government from defaulting on its debt.
SHFE nickel decreased 0.9% to 159,750 yuan a tonne, lead eased 0.1% to 15,235 yuan a tonne, while tin edged up 0.1% at 200,010 yuan a tonne.
The London Metal Exchange was closed for a public holiday.
SHFE copper inventories
Meanwhile, profits at China’s industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery.
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No major data/events expected ($1 = 6.9121 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)