By Mai Nguyen
By Mai Nguyen
HANOI, March 17 (Reuters) – London copper costs rose on Wednesday as a brilliant demand outlook and provide disruptions in some South American mines offset strain from rising LME alternate inventories.
Three-month copper on the London Metallic Alternate CMCU3 rose 0.7% to $9,020 a tonne by 0552 GMT, whereas the most-traded Could copper contract on the Shanghai Futures Alternate SCFcv1 fell 0.8% to 66,870 yuan ($10,284.53) a tonne.
“Fundamentals stay wholesome, particularly with the provision and logistics disruptions in South America, whereas demand outlook seems promising primarily based on constructive macro information,” stated a Singapore-based copper analyst.
Knowledge from prime shopper China confirmed stronger-than-expected industrial progress within the first two months of 2021, whereas new lending within the nation fell lower than anticipated in February.
In the meantime, tight copper focus provide remained a priority for downstream copper gamers.
“Nevertheless, danger sentiment is unquestionably dampened with the rising U.S. Treasury yield and a stronger U.S. greenback within the quick time period, which undoubtedly weighed on copper costs,” the analyst stated.
FUNDAMENTALS
* The Yangshan copper premium SMM-CUYP-CN fell to $67 a tonne, its lowest since Jan. 13, indicating weakening demand for imported copper into China.
* LME refined copper inventories MCUSTX-TOTAL jumped 12% to 103,900 tonnes in a single session, their highest since Jan. 8, whereas stockpiles in ShFE warehouses CU-STX-SGH rose to 171,794 tonnes, a degree unseen since September.
* Chilean miner Antofagasta ANTO.L expects to achieve a pay cope with its employees this month, because it prolonged wage talks at its Los Pelambres mine in an effort to keep away from a strike.
* LME aluminium CMAL3 fell 0.2% to $2,199 a tonne, nickel CMNI3 declined 0.6% to $16,050 a tonne whereas zinc CMZN3 rose 0.2% to $2,816.50 a tonne.
* ShFE aluminium SAFcv1 shed 0.8% to 17,635 yuan a tonne, nickel SNIcv1 was down 0.8% to 120,360 yuan a tonne and zinc SZNcv1 dropped 0.7% to 21,700 yuan a tonne.
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($1 = 6.5020 yuan)
(Reporting by Mai Nguyen; Modifying by Devika Syamnath)
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