Nov 29 (Reuters) – London copper rose on Monday as risk sentiment steadied after concerns over the Omicron coronavirus variant sparked a heavy sell-off last week.
Three-month copper on the London Metal Exchange CMCU3 rose 1.5% to $9,602 a tonne by 0240 GMT. The most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 fell 1.1% to 70,300 yuan ($11,010.87) a tonne.
South African scientists discovered the Omicron variant last week, and since then, it has been detected in places including Australia, Britain, Canada, Germany and Hong Kong. However, little is known about the new strain.
Asian stock markets regained a little composure as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks. MKTS/GLOB
FUNDAMENTALS
* LME aluminium CMAL3 rose 0.8% to $2,636 a tonne, nickel CMNI3 climbed 1.9% to $20,270 a tonne, lead CMPB3 traded 0.5% higher at $2,281 and tin CMSN3 gained 1.2% to $39,100 a tonne.
* ShFE aluminium SAFcv1 fell as much as 3.4% to 18,625 yuan a tonne, nickel SNIcv1 was down 1.1% at 149,880 yuan a tonne, lead SPBcv1 rose 0.6% to 15,430 yuan a tonne, zinc SZNcv1 dipped 2.9% to 22,915 yuan a tonne.
* A resurgence of COVID-19 infections in northern China have forced two small cities to suspend public transport and tighten control over residents’ movement, as the country has showed no willingness to go easy on local outbreaks.
* Atlanta Federal Reserve President Raphael Bostic said on Friday he is hopeful that the momentum of the U.S. economy will carry it through the next wave of the pandemic, adding that he remains open to accelerating the pace of the central bank’s bond taper.
* For the top stories in metals and other news, click TOP/MTL or MET/L
MARKETS NEWS
* Currency markets calmed on Monday in Asia after the initial shock of the discovery of the Omicron coronavirus variant sent investors scurrying for cover last week, but analysts warned of more volatility with little still known about the new strain.
DATA/EVENTS (GMT) 1000 EU Consumer Confid. Final
1300 Germany CPI Prelim YY
1300 Germany HICP Prelim YY
($1 = 6.3846 Chinese yuan renminbi)
(Reporting by Eileen Soreng in Bengaluru; Editing by Devika Syamnath)
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