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Dec 6 (Reuters) – Copper prices advanced on Tuesday as hopes grew that demand will rebound in top consumer China after more cities eased COVID-19 restrictions.
Three-month copper on the London Metal Exchange CMCU3 rose 0.5% to $8,432.50 a tonne by 0314 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 edged down 0.5% to 65,910 yuan ($9,456.78) a tonne.
China’s capital Beijing dropped the need for people to show negative COVID tests to enter supermarkets and offices, the latest in an easing of curbs across the country following last month’s historic protests.
The country may announce 10 new COVID-easing measures as early as Wednesday, sources said, supplementing the 20 unveiled in November that set off a wave of relaxations nationwide.
However, gains in copper prices were limited on signs of weakening demand for imported copper into China, with Yangshan copper premium SMM-CUYP-CN falling to its lowest since July 22 at $72.50 a tonne on Monday.
Withdrawals of copper inventories have also been slowing across the LME, SHFE and Chinese bonded warehouses. SHFE copper inventories CU-STX-SGH were at 65,226 tonnes on Friday, more than double the level seen at the end of September.
A steady dollar also capped the gains in copper prices. A stronger dollar makes greenback-priced commodities expensive to holders of other currencies.
LME aluminium CMAL3 fell 0.3% to $2,516 a tonne, zinc CMZN3 eased 0.2% to $3,121 a tonne, lead CMPB3 was down 0.5% at $2,227.50 a tonne and tin CMSN3 dropped 1% to $24,200 a tonne.
SHFE nickel SNIcv1 rose 1% to 206,870 yuan a tonne, tin SSNcv1 jumped 2.5% to 195,030 yuan a tonne, lead SPBcv1 edged up 0.2% to 15,960 yuan a tonne and aluminium SAFcv1 fell 0.5% to 19,185 yuan a tonne.
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($1 = 6.9696 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
((mai.nguyen@thomsonreuters.com; 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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