SPY437.98-8.77 -1.96%
DIA342.35-4.72 -1.36%
IXIC13,768.92-385.10 -2.72%

METALS-Copper slips in range-bound trade, aluminium shines on supply worries

METALS-Copper slips in range-bound trade, aluminium shines on supply worries

reuters.com · 12/29/2021 22:57
METALS-Copper slips in range-bound trade, aluminium shines on supply worries

- Copper prices edged down in range-bound Asian trading on Thursday as 2021 draws to a close, but persisting concerns over supply propelled Shanghai aluminium to a two-month high.

Three-month copper on the London Metal Exchange CMCU3 was down 0.1% at $9,667 a tonne by 0333 GMT, after touching a one-month high in the previous session.

The most-traded February copper contract on the Shanghai Futures Exchange SCFcv1 ended morning trade 0.4% lower at 69,970 yuan ($10,987.75) a tonne.

Shanghai aluminium SAFcv1 rose as much as 3.6% to 20,585 yuan a tonne, its highest since Oct. 27, while LME aluminium CMAL3 advanced 0.6% to $2,828.50 a tonne, after a two-day decline.


FUNDAMENTALS

* China aims to cut energy consumption of steel by 2%, and to lower carbon emissions in the aluminium sector by 5% by 2025, the country's industry ministry said in a raw materials development plan on Wednesday. nB9N2SO01H

* Alcoa Corp AA.N reached a deal with workers to end primary aluminium production at its San Ciprian facility in Spain for two years, the Industry Ministry said on Wednesday, as soaring European energy prices pressure heavy electricity users. nL8N2TE2Z6

* Chilean miner Antofagasta PLC ANTO.L has agreed to supply copper concentrate to some Chinese smelters at treatment and refining charges of $65 a tonne and 6.5 cents per lb next year, two sources with knowledge of the matter said. nL4N2TE1NE

* Peru's government is still far from reaching a deal that would ensure the restart of MMG Ltd's 1208.HK huge Las Bambas copper mine, a community advisor and a government source said on Wednesday, a day before a crucial meeting with local communities whose road blockade derailed the mining company's operations. nL1N2TE17R

* For the top stories in metals and other news, click TOP/MTL or MET/L

MARKETS NEWS

* Asian share markets got off to a listless start on Thursday as the spread of Omicron clouded what is the last trading day of the year for many exchanges around the globe, while oil was close to finishing 2021 with gains of more than 50%. MKTS/GLOB


DATA/EVENTS

1330 US Initial Jobless Clm Weekly


PRICES

Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Most active ShFE nickel SNIcv1

Three month LME tin CMSN3
Most active ShFE tin SSNcv1

ARBS

LMESHFCUc3

LMESHFALc3

LMESHFZNc3

LMESHFPBc3

LMESHFNIc3


($1 = 6.3680 yuan)


(Reporting by Enrico Dela Cruz in Manila; Editing by Devika Syamnath)

((enrico.delacruz@tr.com))

 For related news and prices, click on the codes in brackets: LME price overview      RING= COMEX copper futures  0#HG: All metals news         MTL   All commodities news      C 
Foreign exchange rates FX=SPEED GUIDES LME/INDEX