METALS-London copper eases as dollar firms, on-warrant stocks rise

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METALS-London copper eases as dollar firms, on-warrant stocks rise


Oct 26 (Reuters)London copper prices fell on Tuesday, on a small uptick in readily available exchange inventories and as a firm dollar made greenback-priced metals pricier to holders of other currencies.

Three-month copper on the London Metal Exchange CMCU3 eased 0.1% to $9,863 a tonne by 0324 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.6% to 72,160 yuan a tonne.

The dollar has bounced off recent lows and was firm in choppy trade ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook.

On-warrant copper stockpiles in LME warehouses MCUSTX-TOTAL rose for the fourth straight session to 23,300 tonnes, rebounding slightly from a 1998-low hit on Oct. 14 of 14,150 tonnes that sparked supply concerns and pushed premium of cash LME to a record high over the three-month contract.

FUNDAMENTALS

* LME aluminium CMAL3 fell 0.5% to $2,860.50 a tonne, zinc CMZN3 declined 0.8% to $3,432 a tonne, and nickel CMNI3 decreased 0.1% to $20,295 a tonne.

* ShFE aluminium SAFcv1 dropped 2.9% to 20,870 yuan a tonne, nickel SNIcv1 rose 1.8% to 152,110 yuan a tonne, zinc SZNcv1 fell 0.7% to 24,395 yuan a tonne, lead SPBcv1 rose 0.5% to 16,055 yuan a tonne and tin SSNcv1 shed 0.6% to 281,570 yuan a tonne.

* The premium of LME cash nickel over the three-month contract CMNI0-3 shot up to $189 a tonne, a level unseen since October 2019, indicating tightness of nearby supplies, following Eramet’s ERMT.PA report of a drop in ferronickel output in New Caledonia due to a wave of COVID-19 infections there.

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TOP/MTL or MET/L MARKETS NEWS

* Asian stocks inched higher, as upbeat Wall Street earnings lifted the broader economic outlook though fresh worries about China’s property sector hit Hong Kong and mainland markets. MKTS/GLOB DATA/EVENTS (GMT)

1400 US Consumer Confidence Oct

1400 US New Home Sales-Units Sept

(Reporting by Mai Nguyen in Hanoi)

(([email protected]; +842438259623; Reuters Messaging: [email protected]))

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