Dec 24 (Reuters) – Prices of industrial metals were mixed in rangebound Asian trading on Friday, as investors awaited fresh clues on how the rapidly-spreading Omicron coronavirus variant would affect global demand.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange CMCU3 was down 0.1% at $9,604 a tonne, as of 0302 GMT, but was on track for a weekly gain of nearly 2%.
* The most-traded February copper contract on the Shanghai Futures Exchange SCFcv1 slipped 0.1% to 69,880 yuan ($10,970) a tonne, but was up 1% so far this week.
* A temporary truce to lift a month-long blockade affecting a key copper transport road in Peru does not guarantee conditions to restart operations of MMG Ltd’s 1208.HK Las Bambas copper mine in a sustainable way.
* Health experts have warned the battle against the Omicron variant was far from over despite two drugmakers saying their vaccines protected against it and signs it carries a lower risk of hospitalisation.
* Energy intensive industries have urged the European Union to address soaring energy prices as the record costs have hit their competitiveness and could prompt European companies to relocate.
* For the top stories in metals and other news, click TOP/MTL or MET/L
MARKETS NEWS
* The S&P 500 notched a record-high close on Thursday, with oil prices also rising, as investors and traders were optimistic about positive economic data and discounted the impact of the Omicron variant on the economy. MKTS/GLOB
PRICES Three month LME copper CMCU3
Most active ShFE copper SCFcv1
Three month LME aluminium CMAL3
Most active ShFE aluminium SAFcv1
Three month LME zinc CMZN3
Most active ShFE zinc SZNcv1
Three month LME lead CMPB3
Most active ShFE lead SPBcv1
Three month LME nickel CMNI3
Most active ShFE nickel SNIcv1
Three month LME tin CMSN3 Most active ShFE tin SSNcv1
ARBS
LMESHFCUc3
LMESHFALc3
LMESHFZNc3
LMESHFPBc3
LMESHFNIc3
($1 = 6.3701 yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Devika Syamnath)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
www.nasdaq.com