Updates prices
Dec 29 (Reuters) – London base metals were mixed in late Asian trading on Wednesday with investors booking profits from recent rallies, while copper jumped to a one-month high after a two-day LME trading break.
Three-month copper CMCU3 on the London Metal Exchange, which was closed on Monday and Tuesday for public holidays, was up 1.2% at $9,679 a tonne by 0701 GMT. It touched $9,706 earlier in the session, its highest since Nov. 26.
An arbitrage opportunity between COMEX and LME copper supported the metal, a Singapore-based trader said.
The most-traded February copper contract on the Shanghai Futures Exchange SCFcv1, however, ended daytime trading 0.2% lower at 70,200 yuan ($11,017.47) a tonne, after scaling a one-month high on Tuesday.
FUNDAMENTALS
* Metals traded on the Shanghai exchange are expected to decline from this year’s highs, but will still find demand support from top metals consumers China and remain above pre-COVID-19 levels.
* China’s top copper smelters kept floor treatment and refining charges for copper concentrate in the first quarter of 2022 flat from the previous quarter, two people with knowledge of the matter said on Wednesday.
* LME zinc CMZN3, which hit a two-month high on Dec. 23, fell 0.9% to $3,487 a tonne, but Shanghai zinc SZNcv1 rose 0.2% to 24,090 yuan a tonne.
* LME aluminium CMAL3 dropped 1.1% to $2,805 a tonne, retreating from a two-month high hit on Dec. 24. Shanghai aluminium rose 0.8% to 19,910 yuan a tonne.
* LME nickel CMNI3 advanced 0.7% to $20,175 a tonne, while Shanghai nickel SNIcv1 climbed 0.5% to 149,350 yuan a tonne.
* LME lead CMPB3 gained 0.3% to $2,284.50 a tonne, while Shanghai lead SPBcv1 rose 0.4% to 15,500 yuan a tonne.
* LME tin CMSN3 slipped 0.3% to $39,150 a tonne, while Shanghai tin SSNcv1 added 0.2% to 290,010 yuan a tonne.
($1 = 6.3717 yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Vinay Dwivedi and Shounak Dasgupta)
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