Saturday, September 30

Copper hits over 1-month high on easing curbs in China, US tariff cut hopes

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London copper prices rose on Monday to their highest in more than one month, as relaxation of COVID-19 lockdowns in top metals consumer China and hopes that the United States would cut tariffs on Beijing lifted sentiment.


* Three-month copper on the London Metal Exchange was up 2.2% at $9,712.50 a tonne by 0210 GMT, after hitting its highest since April 29 at $9,805.50 in early Asian trade.

* The most-traded July copper contract in Shanghai rose 1.1% at 72,810 yuan ($10,946.24) a tonne.

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* Beijing will further relax COVID-19 curbs by allowing indoor dining, as China’s capital steadily returns to normal with inflections falling, state media said on Sunday.

* Beijing and the commercial hub Shanghai have been returning to normal in recent days after two months of bitter isolation under a ruthless COVID-19 lockdown.

* US Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has asked his team to look at the option of lifting some tariffs on China that were put into place by former President Donald Trump, to combat the current high inflation.

* China’s services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some lockdowns in Shanghai and neighboring cities, a private business survey showed on Monday.

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* Peru’s Cabinet met on Friday to try and find a truce to the ongoing conflict that has paralyzed operations at MMG Ltd’s Las Bambas copper mine, but ministers left in the afternoon without announcing a decision.

* Fund manager Elliott Associates has sued London Metal Exchange for $456 million following the suspension and cancellation of nickel trades on the platform in March, Hong Kong Exchanges and Clearing Ltd said on Monday.

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* Asian shares made a muted start as caution gripped ahead of a critical reading on US inflation, while the euro gained on the yen amid wagers the European Central Bank will take a major step toward policy tightening this week.


Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin ($1 = 6.6516 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru; editing by Uttaresh.V)