January 12 (Reuters) –
London copper prices edged lower on Thursday, as traders took a breather after five straight sessions of gains that took prices above $9,000 a tonne for the first time since June.
Three-month copper on the London Metal Exchange fell 0.2% to $9,107 a tonne by 0225 GMT, while the most traded March copper contract on the Shanghai Futures Exchange advanced 1.8% to 68,650 yuan ($10,155.33) tons.
A weaker dollar and China’s slew of political support for the economy — as it reopened borders and lifted COVID-19 restrictions — fueled optimism for improving metals demand from its best consumer market.
However, physical demand remained subdued in the traditionally off-peak season and amid a looming global economic recession. The prospect of further rate hikes and a strong dollar also pressured metals prices.
The premium of Yangshan copper
LME aluminum fell 1.4% to $2,476 a tonne, lead fell 1.1% to $2,167.50 a tonne, zinc fell 0.9% to $3,178 a tonne, while tin rose 0.7% to $27,000 a tonne.
SHFE nickel fell 2.9% to 201,330 yuan a ton, lead decreased 0.9% to 15,335 yuan a ton, while tin rose 2.8% to 214,740 yuan a ton, advanced zinc 0.4% to 23,815 yuan a ton.
Britain’s financial watchdog is blocking the resumption of LME nickel trading in Asian hours because of doubts about the exchange’s ability to run an orderly market in that time zone, three sources said. with knowledge of the matter.
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DATA/EVENTS (GMT)
1330 US Core CPI MM, TO Dec
1330 US Core CPI YY, NSA Dec
1330 US CPI MM, TO DEC
1330 US CPI YY, NSA Dec
1330 US CPI Wage Earner December
1330 US Initial Jobless Clm Weekly
($1 = 6.7600 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Uttaresh.V)
