Industrial metals rangebound as markets gauge Omicron impact

  • 12/24/2021
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Dec 24 (Reuters) - Prices of industrial metals were mixed in rangebound Asian trading on Friday, as investors awaited fresh clues on how the rapidly-spreading Omicron coronavirus variant would affect global demand. FUNDAMENTALS * Three-month copper on the London Metal Exchange was down 0.1% at $9,604 a tonne, as of 0302 GMT, but was on track for a weekly gain of nearly 2%. * The most-traded February copper contract on the Shanghai Futures Exchange slipped 0.1% to 69,880 yuan ($10,970) a tonne, but was up 1% so far this week. * A temporary truce to lift a month-long blockade affecting a key copper transport road in Peru does not guarantee conditions to restart operations of MMG Ltd"s (1208.HK) Las Bambas copper mine in a sustainable way. read more * Health experts have warned the battle against the Omicron variant was far from over despite two drugmakers saying their vaccines protected against it and signs it carries a lower risk of hospitalisation. read more * Energy intensive industries have urged the European Union to address soaring energy prices as the record costs have hit their competitiveness and could prompt European companies to relocate. read more * For the top stories in metals and other news, click or MARKETS NEWS * The S&P 500 notched a record-high close on Thursday, with oil prices also rising, as investors and traders were optimistic about positive economic data and discounted the impact of the Omicron variant on the economy. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS

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