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METALS-Copper slips on geopolitics risks, demand jitters

Reuters · 11/16/2022 00:29
METALS-Copper slips on geopolitics risks, demand jitters

Recasts, updates prices, adds details

By Siyi Liu and Dominique Patton

- Copper prices slipped on Wednesday as rising geopolitical risks weighed on investors' risk appetite, while rising COVID-19 cases in top metals consumer China fueled demand concerns.

Global markets were rattled after NATO member Poland said that a Russian-made rocket killed two people in eastern Poland Ukraine. Russia denied it was responsible.

The missile was probably fired from Russia, U.S. President Joe Biden said after an emergency meeting of NATO leaders called to discuss the strike.

London Metal Exchange's (LME) three-month copper CMCU3 was down 0.7% at $8,320 a tonne by 0508 GMT, correcting from a five-month high hit on Friday.

The most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.3% to 66,650 yuan ($9,405.07)a tonne.

Copper prices rallied last week on hopes that the U.S. Federal Reserve would slow down the pace of interest rate hikes, as well as brightened demand outlook from China after it eased some COVID curbs.

COVID-19 cases have kept rising in China, including its capital city Beijing and southern city Guangzhou.

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

Elsewhere, SHFE SNIcv1 climbed 0.4% at 206,560 yuan a tonne.

Indonesia has proposed in talks with Canada establishing an OPEC-like organisation for producing countries, the Southeast Asian 's investment ministry said in a statement.

SHFE tin SSNcv1 rose 3.3% to a two-month high at 187,630 yuan a tonne, aluminium SAFcv1 gained 0.3% to 18,890 yuan a tonne, and zinc SCNcv1 climbed 0.5% to 24,410 yuan a tonne.

LME aluminium CMAL3 held at $2,433.50 a tonne, zinc CMZN3 was down 0.5% to $3,095.5 a tonne, tin CMSN3 slipped 0.2% to $23,345 a tonne, and lead CMPB3 declined 1.4% to $2,186.50 a tonne.

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($1 = 7.0866 Chinese yuan renminbi)

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


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