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METALS-Copper dips on China COVID cases, geopolitical concerns

Reuters · 11/15/2022 21:52
METALS-Copper dips on China COVID cases, geopolitical concerns

- Copper prices dipped on Wednesday amid demand uncertainty fuelled by rising COVID-19 cases in top metals consumer China, while geopolitical risks also weighed on sentiment.

Global stock markets were rattled as a deadly explosion in NATO member Poland, that Polish authorities said was caused by a Russian-made rocket, raised concerns the Ukraine conflict could spill over its borders.

Russia denies it was responsible.

The United States and its NATO allies are investigating the blast that killed two in Poland, but early information suggests it may have been caused by a missile fired from Russia, U.S. President Joe Biden said.

Three-month copper on the London Metal Exchange CMCU3 was down 0.2% at $8,361 a tonne by 0207 GMT, having corrected down from a five-month high hit last Friday.

The most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.4% to 66,600 yuan($9,428.49) a tonne.

COVID-19 cases kept rising in some Chinese cities including its capital city Beijing and southern city Guangzhou. In total, 20,199 COVID-19 infections were reported for Nov. 15, versus 17,909 cases a day earlier.

China's home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday.

A continuing decline in the U.S. dollar sent some supports to metal prices as it makes dollar-priced metals cheaper for buyers with other currencies.

SHFE tin SSNcv1 rose 2.5% to a two-month high at 186,120 yuan a tonne, SNIcv1 little changed at 205,530 yuan a tonne, aluminium SAFcv1 gained 0.2% to 18,875 yuan a tonne, and zinc SCNcv1 slid 0.1% to 24,270 yuan a tonne.

Among other metals, LME aluminium CMAL3 0.4% up at $2,445 a tonne, zinc CMZN3 was down 0.5% to $3,095 a tonne, tin CMSN3 slipped 1% to $23,160 a tonne, and lead CMPB3 declined 1.4% to $2,188 a tonne.

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($1 = 7.0637 Chinese yuan renminbi)

(Reporting by Siyi Liu and Dominique Patton; Editing by Rashmi Aich)


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