Recasts, updates prices, adds comment
Dec 23 (Reuters) – Zinc and aluminium futures in China advanced on Thursday, underpinned by worries about supply, while easing concerns about the Omicron coronavirus variant and upbeat U.S. economic data pushed copper prices higher.
Zinc’s benchmark January contract on the Shanghai Futures Exchange SZNcv1 rose as much as 3.1% to 24,465 yuan ($3,840.78) a tonne, its highest since Oct. 27.
Shanghai aluminium for January delivery jumped 2.6% to 20,335 yuan a tonne, its loftiest since Nov. 4.
“Due to soaring electricity prices in Europe, some non-ferrous production capacity, such as zinc and aluminum, is once again restricted,” analysts at Huatai Futures said in a note.
Three-month zinc on the London Metal Exchange CMZN3 was down 0.4% at $3,519 a tonne, as of 0510 GMT, after touching $3,550 on Wednesday, the highest since Oct. 21.
LME aluminium CMAL3 climbed 0.3% to $2,834 a tonne, having hit $2,849 on Wednesday, the highest since Oct. 26.
* LME copper CMCU3 was up 0.2% at $9,625 a tonne, extending gains to a fourth day.
* In Shanghai, the most-traded February copper contract rose as much as 0.9% to 70,090 yuan a tonne, its highest since Dec. 8.
* The dollar index .DXY hovered near a one-week low against riskier currencies and asset classes, making greenback-priced metals cheaper to holders of other currencies. USD/
* Overall sentiment was upbeat, with a global share rally continuing during Asian trading as markets welcomed positive news about the impact of the Omicron variant and U.S. economic data. MKTS/GLOB
* A South African study and a research by London’s Imperial College suggest reduced risks of hospitalisation and severe disease for Omicron-infected patients.
* LME nickel CMNI3 gained 0.9% to $20,120 a tonne, while Shanghai nickel SNIcv1 climbed 2.4% to 148,580 yuan a tonne. LME lead CMPB3 slipped 0.3% to $2,312.50 a tonne, but Shanghai lead SPBcv1 added 1.7% to 15,680 yuan a tonne.
* For the top stories in metals and other news, click TOP/MTL or MET/L
($1 = 6.3698 yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Devika Syamnath and Subhranshu Sahu)
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