Politics
Base metals rise following report on increased Chinese borrowing
(Bloomberg) — Base metals were broadly higher as global stocks rallied and Reuters reported that Chinese policymakers were considering boosting bond sales.
Nickel, zinc and aluminum all rose more than 1% on the London Metal Exchange, while copper also gained. China could sell a record 3 trillion yuan ($411 billion) of special treasury bonds next year, Reuters reported, a move aimed at supporting the slowing economy.
Fears of slowing Chinese demand have weighed on base metals, with the LMEX index down around 8% this quarter. Investors are also worried about the prospect of trade turmoil when US President-elect Donald Trump returns to the White House.
But global risk assets, including commodities, benefited this week from support from U.S. data that showed the smallest increase in personal consumption spending since May, reviving bets on further monetary easing from the Federal Reserve.
Aluminum also rose on Tuesday after orders to remove inventory from LME warehouses reached their highest level since mid-October. Traders have requested the removal of more than 82,000 tonnes of the metal, mainly from stockpiles in South Korea.
Aluminum climbed 1.6% on the LME from 10:30 a.m. in London. Nickel rose 1.2%, while zinc rose 1.8%. Copper added 0.7%.
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