Updates prices
Dec 24 (Reuters) – Copper prices slipped on Friday as risk appetite waned while investors awaited fresh clues on how the rapidly spreading Omicron coronavirus variant would affect global demand.
Three-month copper on the London Metal Exchange CMCU3 fell 0.3% to $9,580 a tonne by 0704 GMT, after four straight days of gains that propelled it to a two-week high on Thursday supported by concerns over tight supply.
The most-traded February copper contract on the Shanghai Futures Exchange SCFcv1 closed daytime trading 0.3% lower at 69,750 yuan ($10,950.62) a tonne, after a three-day rally.
“Generally, I’m not expecting much excitement going into year-end unless there are major news or developments being reported, such as Omicron news that is beyond our expectations,” said Wong Min Hao, a commodities manager with Phillip Futures.
The headlines this week have been dominated by news about Omicron, with health experts warning the battle against the variant was far from over despite two drugmakers saying their vaccines protected against it and signs it carries a lower risk of hospitalisation.
* LME aluminium CMAL3 fell 0.5% to $2,832.50 a tonne, retreating after a three-day advance. Surging energy prices in Europe raised concerns of higher production costs and smelter shutdowns, propelling aluminium to a two-month high on Thursday.
* Shanghai aluminium SAFcv1 shed 0.4% to 20,185 yuan a tonne, after hitting a seven-week peak in the previous session.
* LME zinc CMZN3 fell 0.5% to $3,508.50 a tonne, while Shanghai zinc SZNcv1 slipped 0.4% to 24,320 yuan a tonne.
* LME nickel CMNI3 rose 0.5% to $20,125 a tonne and Shanghai nickel SNIcv1 advanced 0.8% to 148,710 yuan a tonne.
* Shanghai lead SPBcv1 slumped 1.1% to 15,480 yuan a tonne, but LME lead CMPB3 gained 0.2% to $2,277.50 a tonne.
* LME tin CMSN3 rose 0.7% to $39,155 a tonne and Shanghai tin SSNcv1 climbed 2.2% to 289,200 yuan a tonne.
($1 = 6.3695 yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Devika Syamnath and Subhranshu Sahu)
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