METALS-LME copper set for third weekly decline as China lockdowns and rising inventories weigh

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)

((; In US +1 651 848 5832, Outside US +91 8067493865; Reuters Messaging:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button