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Wednesday, November 30, 2022

Shanghai copper eases as China sticks to strict pandemic policy

HANOI: Shanghai copper futures prices fell on Tuesday, as recent jump in prices deterred demand while investor hopes of an economy rebound faded after top consumer China reaffirmed its stance on strict zero-COVID policy.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) was down 0.3% at 65,370 yuan ($9,029.01) a tonne, as of 0325 GMT, while three-month copper on the London Metal Exchange (LME) rose 0.2% to $7,928.50 a tonne.

London copper prices jumped 7.3% last week, its best weekly gain since March, on hopes that China would ease its strict COVID-19 curbs, which could release economic growth and metals demand.

The price increase was exacerbated by low inventories in global warehouses, especially in China, where stockpiles in SHFE and bonded warehouses have been depleting to near record low levels.

Chinese authorities, however, reaffirmed its stance on stringent restrictions to control corona virus outbreaks, causing metals prices to retreat.

Poor economic data from China on Monday also dented risk sentiment and appetite for metals, while a firmer dollar made greenback-priced metals more expensive to holders of other currencies.

LME aluminium edged down 0.4% to $2,328 a tonne, lead dropped 0.8% to $2,020.50 a tonne, zinc declined 0.7% to $2,866.50 a tonne, while tin rose 0.5% to $19,035 a tonne.

SHFE tin climbed 1.4% to 167,600 yuan a tonne, nickel fell 1.7% to 189,810 yuan a tonne, aluminium rose 0.4% to 18,410 yuan a tonne and lead edged up 0.1% to 15,190 yuan a tonne.

Shanghai copper eases as China sticks to strict pandemic policy

Source: Brecorder

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