LME copper eases on China’s COVID lockdowns, Fed rate-hike bets


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London copper prices eased on Wednesday on hopes of a COVID-19 lockdown and bigger US interest rate hikes in top metal consumer China, though Chinese economic stimulus is expected to limit losses.

fundamentals

* Benchmark three-month copper was down 0.2% at $9,843 a tonne as of 0247 GMT on the London Metal Exchange (LME).

* The most active May copper contract rose 0.1% to 73,160 yuan ($11,156.86) on the Shanghai Futures Exchange.

* Three-quarters of Beijing’s 22 million people lined up for COVID-19 tests on Tuesday, as officials in the Chinese capital raced to stamp out a nascent outbreak that has hit Shanghai for a month. deferred a debilitating city-wide lockdown.

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* The dollar stood at its highest level since the early days of the pandemic and headed for its best month since 2015, supported by hikes in US rates and the prospect of safe-haven flows.

* A stronger dollar makes greenback-valued metals more expensive for buyers using other currencies.

* Meanwhile, China’s central bank on Tuesday said it would extend prudent monetary policy support to the real economy, especially small firms hit by COVID-19.

*Profits of China’s industrial firms grew at a faster pace in March than a year ago, despite the negative impact on the economy from the COVID-19 outbreak and the Ukraine war, official data showed.

* According to an executive and a document seen by Reuters, Chinese-owned MMG Ltd’s giant Las Bambas copper mine in Peru is considering plans to evict indigenous communities who have camped on the property and halted production Is.

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* Futures exchange operator CME Group Inc said on Tuesday it would launch an options contract for its physically delivered aluminum futures on May 23.

* The debacle on nickel trading on the London Metal Exchange (LME) highlights the need for regulators to focus more on the opaque corners of the commodity market, global securities watchdog IOSCO said on Tuesday.

* For top stories in metal and other news, click

market news

* Selling in global equities extended to Asia, as rising fears about the global economy forced investors to dump riskier assets in favor of safe havens such as the US dollar and government bonds.

prices

Three Months LME Copper

Most Active ShFE Copper

Three Months LME Aluminum

Most Active SHFE Aluminum

Three Months LME Zinc

Most Active SHFE Zinc

Three Months LME Lead

Most Active SHFE Lead

Three months LME nickel

Most Active ShFE Nickel

Three Months LME TIN

Most Active ShFE Tin ($1 = 6.5574 Chinese Yuan Renminbi) (Reporting by Brijesh Patel in Bengaluru; Editing by Vinay Dwivedi)

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