METALS-Copper prices rebound on hopes of Chinese demand recovery

Feb 9 (Reuters) – Copper prices rebounded on Thursday as
traders assessed the prospects of higher consumption from
downstream sector in top consumer China picking up pace in a few
weeks.

Three-month copper on the London Metal Exchange was
up 0.8% at $8,963 a tonne by 0345 GMT, while the most-traded
March copper contract on the Shanghai Futures Exchange
rose 0.2% to 68,360 yuan ($10,070.27) a tonne.

Investors have been betting on a recovery in China after the
country removed its strict COVID-19 restrictions. Demand could
start rebounding later in February when workers return from
their Lunar New Year holiday break.

Also supporting prices is LME copper inventory
falling to 65,100 tonnes, their lowest since
November 2005.

LME aluminium edged down 0.2% at $2,476.50 a tonne,
tin fell 0.3% to $27,540 a tonne, zinc rose 0.6%
to $3,150 a tonne, lead advanced 0.9% to $2,139.50 a
tonne.

SHFE aluminium fell 1% to 18,915 yuan a tonne, zinc
declined 0.6% to 23,280 yuan a tonne, tin shed 1% to
217,010 yuan a tonne while nickel rose 0.1% to 210,190
yuan a tonne and lead increased 0.2% to 15,255 yuan a
tonne.

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DATA/EVENTS (GMT)

0700 Germany

CPI Prelim YY

Jan

0700 Germany

HICP Prelim YY

Jan

1330 US

Initial Jobless Clm

Weekly

($1 = 6.7883 Chinese yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Sherry
Jacob-Phillips)
((mai.nguyen@thomsonreuters.com; Reuters Messaging:
mai.nguyen.thomsonreuters.com@reuters.net))

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