London copper gains on dollar weakness but capped by higher inventories

  • 1/18/2022
  • 00:00
  • 3
  • 0
  • 0
news-picture

Jan 18 (Reuters) - London copper prices edged higher on Tuesday as a weaker dollar made the greenback-priced metal attractive for holders of other currencies, while rise in inventories in London Metal Exchange-registered warehouses capped further gains. Three-month copper on the London Metal Exchange rose 0.4% to $9,769 a tonne by 0310 GMT. The most-traded March copper contract on the Shanghai Futures Exchange eased 0.1% to 70,170 yuan ($11,065.03) a tonne. The dollar ticked 0.1% lower. LME copper inventories were at 92,500 tonnes, their highest level since November 2021. Meanwhile, leaders of a group of Peruvian communities said in a public hearing on Monday that they rejected a government proposal to prevent future blockades affecting MMG Ltd"s (1208.HK) Las Bambas copper mine. read more FUNDAMENTALS * LME aluminium rose 0.3% to $3,006.5 a tonne, nickel was up 1.6% to $22,415, lead edged 0.1% higher to $2,358.5 and zinc gained 0.5% to $3,526. Tin climbed 1.7% to $42,000 a tone, a record high. * ShFE aluminium was up 0.6% at 21,195 yuan a tonne, nickel rose 1.2% to 164,680 yuan, zinc eased 0.1% to 24,530 yuan and lead was flat at 15,635 yuan. Tin jumped 4.3% to 318,720 yuan a tonne, having earlier hit a record high of 319,560 yuan. * The premium for cash nickel over the three-month contract surged to $495 per tonne, highest since April 2009, suggesting tightness in nearby supplies. Nickel inventories in LME-registered warehouses were at 97,038 tonnes, the lowest level in more than two years. * For the top stories in metals and other news, click or MARKETS NEWS * The yen edged higher ahead of the outcome of a central bank policy meeting on Tuesday, while the dollar seemingly ignored U.S. Treasury yields hitting new near two-year highs on their return from a long weekend break. * Asia"s share markets were mostly higher even as global investor attention remains fixed on the prospect of U.S interest rate hikes in the next few months, after two years of unprecedented pandemic-induced policy easing. DATA/EVENTS (GMT) 0700 UK Claimant Count Unem Chng Dec 0700 UK ILO Unemployment Rate Nov 1000 Germany ZEW Economic Sentiment Jan 1000 Germany Zew Current Conditions Jan ($1 = 6.3416 Chinese yuan)

مشاركة :