Nickel led base metals higher in London, rebounding after two weeks of losses prompted by concerns over financial turmoil in China, the biggest consumer of commodities. Metals benefited from gains in equity markets and the currency in the Asian country on Monday.
“The higher Chinese stock market and the sharp appreciation of the Chinese currency against the U.S. dollar brought a little bit of good mood into the bearish metals market,” Richard Fu, head of Asia & Pacific at Amalgamated Metal Trading Ltd. in London, said by email.
Nickel rose 2 percent to $8,560 a metric ton by 11:14 a.m. on the London Metal Exchange. Copper climbed 1.2 percent to $4,384 a ton, while lead and zinc also gained. Aluminum and tin fell.
China’s stocks rose after a recovery in home prices spread to more cities and speculation grew equities were oversold after the benchmark index entered a bear market last week. The yuan traded offshore strengthened the most in a week as China stepped up efforts to curb bearish bets on the exchange rate.
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