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METALS-Copper eases from record high as weak China demand stalls rally

05/10/2021 23:17
METALS-Copper eases from record high as weak China demand stalls rally

- Prices of Shanghai copper slipped 1.5% on Tuesday, as investors exercised caution following a recent rally that pushed the metal to a record high while tepid demand from industrial buyers in top consumer China also weighed.

The most-traded June copper contract on the Shanghai Futures Exchange SCFcv1 was down at 75,600 yuan ($11,773.68) a tonne, as of 0237 GMT, slipping from a record high of 78,270 yuan a tonne notched in the previous session.

Yangshan copper premium SMM-CUYP-CN fell to $38.50 a tonne, the lowest since February 2016, indicating subdued Chinese appetite for imported metal.

Three-month copper on the London Metal Exchange CMCU3 rose 0.4% to $10,420 a tonne.


* A union representing workers at BHP Group's BHP.AX Escondida and Spence copper mines in Chile has called for a strike vote among its members after contract negotiations stalled. nL1N2MX1A4

* A shortage of copper and dwindling inventories in the long-term are likely to propel prices of the industrial metal to levels beyond current record highs, unless scrap supplies rise significantly, analysts said. nL8N2MU55U

* About 50-80% of LME copper warrants are currently held by one party. 0#LME-WHL

* More than 90% of LME tin inventories and short-term futures are currently held by a party. 0#LME-WHT

* LME aluminium CMAL3 rose 0.8% to $2,552 a tonne, while ShFE nickel SNIcv1 dropped 2.3% to 130,370 yuan a tonne, ShFE zinc SZNcv1 declined 1.7% to 22,425 yuan a tonne and ShFE aluminium SAFcv1 was down 1% at 19,890 yuan a tonne.

* For the top stories in metals and other news, click



* Asian shares declined in early trade as Wall Street retreated on worries about accelerating inflation, prompting investors to cut back on their exposure to growth-focused stocks on bets of higher interest rates in the not-too-distant future. MKTS/GLOB


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($1 = 6.4211 yuan)

(Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)

(([email protected]; +842438259623; Reuters Messaging: [email protected]))

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