Dec 28 (Reuters) – Copper in top metals consumer China scaled a one-month high on Tuesday as worries eased over the impact of the rapidly spreading Omicron coronavirus variant on global demand.
The most-traded February copper contract on the Shanghai Futures Exchange SCFcv1 rose as much as 1.6% to 70,870 yuan ($11,122.79) a tonne, its highest since Nov. 26.
The London Metal Exchange remains shut for a public holiday on Tuesday.
FUNDAMENTALS
* Zijin Mining 601899.SS, 2899.HK has started production at its Qulong copper mine in Tibet, one of the largest in China, adding a new source of supply to the market for next year.
* Indonesian President Joko Widodo on Monday inaugurated a new ferronickel plant with 1.8 million tonne output capacity in southeast Sulawesi province.
* China will keep its monetary policy flexible next year as it seeks to stabilise growth and lower financing costs for businesses amid growing economic headwinds, the central bank said on Monday.
* For the top stories in metals and other news, click TOP/MTL or MET/L
MARKETS NEWS
* Global stock markets rose on Monday and oil prices eased as investors cheered strong U.S. holiday season sales and some grew less fearful about economic damage from the Omicron variant. 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 = 6.3716 yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Devika Syamnath)
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