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Oct 25 (Reuters) – Copper prices fell on Tuesday in London as a weaker yuan against the dollar made greenback-priced assets more expensive to holders of the currency in China, the world’s biggest metals consuming market.
Three-month copper on the London Metal Exchange CMCU3 fell 0.5% to $7,515.50 a tonne by 0242 GMT, and the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 was unchanged at 62,750 yuan ($8,589.07) a tonne.
The Chinese central bank set the lowest mid-point since 2008, causing China’s onshore yuan to slid to a near 15-year low and the offshore yuan weakened to a record low.CNY/
LME aluminium CMAL3 edged up 0.1% to $2,178 a tonne, zinc CMZN3 declined 0.1% to $2,954 a tonne and tin CMSN3 rose 0.8% to $18,600 a tonne.
SHFE aluminium SAFcv1 fell 0.7% to 18,475 yuan a tonne, zinc SZNcv1 was down 0.65% to 24,490 yuan a tonne, nickel SNIcv1 climbed 1.1% to 187,840 yuan a tonne and tin SSNcv1 advanced 0.6% to 165,380 yuan a tonne.
The premium of LME cash copper over the three-month contract CMCU0-3 rose to $133 a tonne on Monday, the highest since November 2021, indicating tightness of immediately available supply.
Global refined lead and zinc markets are likely be in a deficit in both 2022 and 2023, the International Lead and Zinc Study Group said.
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TOP/MTL or MET/L DATA/EVENTS AHEAD (GMT)
0800 Germany Ifo Business Climate New Oct
0800 Germany Ifo Current Conditions New Oct
0800 Germany Ifo Expectations New Oct
1000 UK CBI Business Optimism Q4
1400 US Consumer Confidence Oct
($1 = 7.3058 Chinese yuan renminbi)
(Reporting by Mai Nguyen in Hanoi; Editing by Shailesh Kuber)
((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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