Dec 29 (Reuters) – Most base metals fell on Wednesday as investors booked profits after recent rallies, but copper prices in London jumped to a one-month high on arbitrage trades.
Zinc and aluminium extended losses on the London Metals Exchange, which was closed on Monday and Tuesday for public holidays.
LME copper CMCU3 rose as much as 1.4% to $9,706 a tonne, its highest since Nov. 26, but the most-traded February copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.6% to 69,880 yuan ($10,968.11) a tonne, after scaling a one-month high on Tuesday.
FUNDAMENTALS
* Metals traded on the Shanghai exchange are expected to decline from this year’s highs, but will still find demand support from top metals consumers China and remain above pre-COVID-19 levels.
* China’s top copper smelters on Wednesday set their floor treatment and refining charges for copper concentrate in the first quarter of 2022 at $70 per tonne and 7 cents per pound, two sources with knowledge of the matter said.
* Chinese battery materials producer <CNGR 300919.SZ> on Tuesday said it would buy nickel and cobalt from compatriot Xiamen Xiangyu 600057.SS over a five-year period as part of a broad strategic cooperation agreement between the two companies.
* For the top stories in metals and other news, click TOP/MTL or MET/L
MARKETS NEWS
* Asian stocks slipped on Wednesday, following a mixed Wall Street session as the region’s investors positioned their portfolios for the new year and continued to grapple with increasing global numbers of Omicron coronavirus cases. 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 = 6.3712 yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Vinay Dwivedi)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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