Oct. 16 (Bloomberg) -- Copper swung between gains and losses after U.S. lawmakers said they’d continue talks on raising the debt limit as the deadline approaches.
Metal for delivery in three months on the London Metal Exchange was little changed at $7,233.25 at 2:46 p.m. Shanghai time. It earlier rose as much as 0.6 percent to the highest intraday level since Oct. 8. after inventories declined.
With the U.S.’s borrowing authority set to lapse tomorrow, leaders in the Senate said they’d reopen negotiations aimed at avoiding a default and ending the 15-day-old partial government shutdown after the Republican-controlled House scrapped a vote on its plan.
“Any type of positive development in the talks offers support to copper prices,” said Zhou Jie, head of the trading department with Shanghai CIFCO Futures Co.
Stockpiles tracked by the LME fell one percent yesterday to 503,425 tons, the lowest since March 7, daily exchange figures showed.
Copper for delivery in January was little changed at 52,130 yuan ($8,547) a ton on the Shanghai Futures Exchange. Metal for delivery in December fell 0.4 percent to $3.2930 a pound on the Comex in New York.
On the LME, tin, aluminum, nickel, lead and zinc fell.
To contact Bloomberg News staff for this story: Alfred Cang in Shanghai at firstname.lastname@example.org
To contact the editor responsible for this story: Brett Miller at email@example.com