April 22 (Reuters) – Copper prices in London fell on Friday and were on course for their third straight weekly loss as rising inventories and COVID-19 lockdowns in China’s major metals consumer weighed on demand prospects for the red metal.
* Reference copper at three months CMCU3 on the London Metal Exchange (LME) was down 0.3% at $10,253 a tonne, by 0157 GMT. The contract has fallen almost 0.6% so far this week.
* The most active copper contract in May on the Shanghai Futures Exchange SCFcv1 rose 0.4% to 74,740 yuan ($11,565.54).
* Chinese financial markets are not immune to external shocks and the COVID situation has also put additional pressure on the Chinese economy, People’s Bank of China Governor Yi Gang said on Friday.
* Shanghai announced on Friday that it would lift its lockdown in batches once transmission of the virus outside quarantine zones is eradicated. Mainland China reported 18,598 new coronavirus cases on April 21.
* Copper stocks in LME approved warehouses rose by 2,500 tonnes to 130,500 tonnes on Thursday, their highest level since last October. Copper inventories on the LME system are now up 62% over the past four weeks. MCUSTX-TOTAL
* Chilean miner from Antofagasta ANTO.L First-quarter copper production fell 24% year-on-year to 138,800 tonnes, hit by persistent drought and lower grades, it said on Thursday.
* Kazakhstan’s refined copper production from January to March fell 0.4% year-on-year and refined zinc production fell 5.4%, while crude steel production rose 3.0 %, data from the Bureau of Statistics revealed on Thursday.
* The dollar was heading for its best one-week gain against the Chinese yuan in more than two years, as rising US yields inflated the greenback. A stronger dollar makes dollar-denominated metals more expensive for buyers using other currencies. USD/
* For top metal stories and other news, click TOP/MTL or MET/L
* Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would act aggressively to rein in inflation. MKTS/GLOB
0600 UK retail sales MM, YY March
0600 UK Retail Sales Ex-Fuel MM March
0715 France S&P Global Mfg, Serv, Comp Flash PMI April
0730 Germany S&P Global Mfg, Svc, Comp Flash PMI April
0800 EU S&P Global Mfg, Serv, Comp Flash PMI April
0830 UK Flash Comp, Mfg, Serv PMI April
1345 US S&P Global Mfg, Serv, Comp Flash PMI April
LME Copper RATES 3 months CMCU3
Most active copper ShFE SCFcv1
Three Month LME Aluminum CMAL3
Most Active ShFE Aluminum SAFcv1
Three-Month LME Zinc CMZN3
Zinc ShFE most active SZNcv1
Three-month LME advance CMPB3
Lead ShFE most active SPBcv1
Nickel LME three months CMNI3
Most Active Nickel ShFE SNIcv1
Three Month LME Box CMSN3 Most active ShFE tin SSNcv1
($1 = 6.4623 yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)
((Brijesh.Patel1@thomsonreuters.com; In US +1 651 848 5832, Outside US +91 8067493865; Reuters Messaging: Brijesh.Patel1.firstname.lastname@example.org))
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