London copper slips as dollar businesses and stocks rise

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December 9 (Reuters) – Copper prices in London fell on Thursday on a slightly firmer US dollar and signs of easing metal supplies nearby, as investors weighed in on uncertainties surrounding the impact of the variant Omicron from the coronavirus.

Three-month copper on the London Metal Exchange was down 0.3% at $ 9,624.5 per tonne, as of 0800 GMT, while the most-traded copper contract in January on the Shanghai Futures Exchange closed at 69,710 yuan per ton.

The dollar index edged up 0.1%, making greenback denominated commodity more expensive for those holding other currencies.

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LME mandate stocks reached 72,975 tonnes, their highest level since October 8. They were, however, down 69% from August’s peak of 238,725 tonnes.

The LME spot copper premium on the three-month contract fell to $ 2.30 per tonne, its lowest since September 17, indicating an easing of supplies nearby.

This came as canceled warrants of copper in LME warehouses, or metal for delivery, fell to 2,200 tonnes, the lowest since December 2009.

Earlier this week, customs data showed that China’s copper imports in November increased for a third consecutive month, with copper concentrate arrivals at their highest level since at least December 2007. read more

“Copper price volatility is expected to persist for some time yet, but the trend is still expected to have a bullish bias due to unresolved fundamental issues caused by the current COVID situation,” said Wong Min Hao, head of raw materials at Phillip Futures.

Attention will be drawn to any new monetary policy news from the United States or China, the biggest consumer of copper, as well as new developments regarding the Omicron variant, which could add further uncertainty to the market, ”he added.

* LME aluminum rose 0.1% to $ 2,630 per tonne, zinc edged up 0.3% to $ 3,319, nickel fell 1.8% to $ 19,865 per tonne and lead rose 0.5% to $ 2,295 per tonne.

* Aluminum ShFE fell 0.5% to 18,770 yuan per tonne, zinc rose 1.7% to 23,505 yuan per tonne, lead gained 2.9% to 15,520 yuan per tonne and tin remained stable at 284,330 yuan per ton.

* Ecuador’s mining industry is threatened by legal insecurity, the sector guild said on Wednesday, citing a decision by the country’s highest court to withdraw environmental permits for a project in a protected forest. Read more

* Inflation at Chinese factories slowed in November, led by a government crackdown on soaring commodity prices and a cut in power supply, as part of Beijing’s efforts to support China. faltering economy. Read more

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($ 1 = 6.3443 Chinese yuan)

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Reporting by Eileen Soreng in Bangalore; Editing by Subhranshu Sahu, Sherry Jacob-Phillips and Alexander Smith

Our standards: Thomson Reuters Trust Principles.


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