Shanghai copper scales a more than two-month peak on supply fears

  • 1/13/2022
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Jan 13 (Reuters) - Copper prices in China hit a more than two-month high on Thursday supported by concerns of supply tightness amid persistent low inventories. The most-traded February copper contract on the Shanghai Futures Exchange was up 1.5% at 71,610 yuan ($11,256.07) a tonne by 0345 GMT. It had touched 72,500 yuan earlier in the session, the highest since Oct. 21. Three-month copper on the London Metal Exchange was down 1.1% at $9,949.5 a tonne, but held closer to $10,072, its highest level since Oct. 21, hit in the previous session. Inventories in warehouses monitored by the Shanghai Futures Exchange were last at 29,182 tonnes, close to a more than a decade low of 27,171 tonnes seen in December. Meanwhile, the threat of a strike at Teck Resources Ltd"s (TECKb.TO) Highland Valley copper mine in British Columbia added to supply tightness fears. read more FUNDAMENTALS * LME aluminium was down 1% at $2,952 a tonne, nickel fell 0.8% to $21,890 a tonne, lead was 0.6% lower at $2,333 a tonne and zinc dipped 0.5% to $3,536 a tonne. * ShFE aluminium fell 1.4% to 21,345 yuan a tonne, while nickel gained 0.7% to 162,050 yuan, zinc edged 0.1% higher to 24,750 yuan, lead rose 0.8% to 15,365 yuan and tin was up 0.6% at 310,920 yuan. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares were mixed on Thursday, while the dollar slipped as global investors assessed that strong U.S. inflation data was not worrying enough to change the Federal Reserve"s already hawkish rates outlook. DATA/EVENTS (GMT) 1330 US Initial Jobless Clm Weekly ($1 = 6.3619 Chinese yuan)

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