Copper rebounds
Reuters
By our correspondents
November 26, 2015
London
Zinc, copper and nickel rebounded on Tuesday as bearish investors bought back positions to lock in profits while a weaker dollar and firmer oil also supported the hard-hit market.
Investors, many from China, which had unleashed waves of selling in recent weeks, took a breather and bought back some of their short positions, analyst David Wilson at Citibank said. "The Chinese selling has been absolutely massive over the last few weeks, so I guess we're getting some short-covering," he said. "You've had a decent pullback in open interest."
The closure of short positions showed up on the Shanghai Futures Exchange (ShFE), where open interest in the most active zinc contract tumbled on Tuesday by 36,706 contracts, or 14 percent, as the price surged 3.4 percent. Three-month zinc on the London Metal Exchange failed to trade in closing open outcry activity and was bid up 2.2 percent at $1,580.50 a tonne.
Zinc, copper and nickel rebounded on Tuesday as bearish investors bought back positions to lock in profits while a weaker dollar and firmer oil also supported the hard-hit market.
Investors, many from China, which had unleashed waves of selling in recent weeks, took a breather and bought back some of their short positions, analyst David Wilson at Citibank said. "The Chinese selling has been absolutely massive over the last few weeks, so I guess we're getting some short-covering," he said. "You've had a decent pullback in open interest."
The closure of short positions showed up on the Shanghai Futures Exchange (ShFE), where open interest in the most active zinc contract tumbled on Tuesday by 36,706 contracts, or 14 percent, as the price surged 3.4 percent. Three-month zinc on the London Metal Exchange failed to trade in closing open outcry activity and was bid up 2.2 percent at $1,580.50 a tonne.
-
Prince William Questions Himself ‘what’s The Point’ After Saudi Trip -
James Van Der Beek's Friends Helped Fund Ranch Purchase Before His Death At 48 -
King Charles ‘very Much’ Wants Andrew To Testify At US Congress -
Rosie O’Donnell Secretly Returned To US To Test Safety -
Meghan Markle, Prince Harry Spotted On Date Night On Valentine’s Day -
King Charles Butler Spills Valentine’s Day Dinner Blunders -
Brooklyn Beckham Hits Back At Gordon Ramsay With Subtle Move Over Remark On His Personal Life -
Meghan Markle Showcases Princess Lilibet Face On Valentine’s Day -
Harry Styles Opens Up About Isolation After One Direction Split -
Shamed Andrew Was ‘face To Face’ With Epstein Files, Mocked For Lying -
Kanye West Projected To Explode Music Charts With 'Bully' After He Apologized Over Antisemitism -
Leighton Meester Reflects On How Valentine’s Day Feels Like Now -
Sarah Ferguson ‘won’t Let Go Without A Fight’ After Royal Exile -
Adam Sandler Makes Brutal Confession: 'I Do Not Love Comedy First' -
'Harry Potter' Star Rupert Grint Shares Where He Stands Politically -
Drama Outside Nancy Guthrie's Home Unfolds Described As 'circus'