Business

METALS-Shanghai copper hits over-month high on China stimulus hopes, tight supply


April 15 (Reuters)Shanghai copper rose to its highest level in more than a month on Friday, buoyed by hopes of further stimulus from China’s major metals consumer and concerns over tight supplies amid the crisis Ukrainian.

FUNDAMENTALS

* The most active copper contract in May on the Shanghai Futures Exchange SCFcv1 rose 1.2% to 74,810 yuan ($11,740.43) per ton, as of 0210 GMT, after hitting its highest level since March 8 at 74,910 yuan ($11,756.12) more early in the day.

* The London Metal Exchange was closed for a bank holiday.

* The Chilean Copper Commission on Thursday raised its copper price projection for 2022 to $4.40 a pound, amid a perceived shortage due to the Russian-Ukrainian conflict.

* China’s new home prices stagnated for a second consecutive month in March, official data showed, as growing COVID-19 lockdowns undermined consumer confidence and weighed on demand.

* China’s central bank kept the interest rate unchanged as it rolled over maturing medium-term political loans, in line with market expectations, despite Beijing’s call for more monetary stimulus to cushion a economic downturn.

* China’s economic growth is expected to slow to 5.0% in 2022 amid fresh COVID outbreaks and a weakening global recovery, a Reuters poll showed, increasing pressure on the central bank to it further relaxes its policy.

* COLUMN – Demise of LME fictitious stocks adds to metals market turmoil: Andy Home

* For top metal stories and other news, click TOP/MTL or MET/L

MARKET NEWS

* Wall Street stocks ended lower as bond yields and the dollar rose on Thursday as investors worried about the potential for aggressive US policy tightening as other central banks around the world moved to cut their support. MKTS/GLOB

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 = 6.3633 Chinese Yuan)

(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)

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