Copper prices languished near 17-month
lows on Tuesday on heightened worries that aggressive rate hikes
by central banks to tackle soaring inflation would push
economies into a recession and dent demand for metals.
* Three-month copper on the London Metal Exchange
was down 0.2% at $7,993 a tonne, as of 0244 GMT, after hitting
its lowest since February 2021 at $7,918 on Monday.
* The most-traded August copper contract in Shanghai
fell 0.7% to 60,770 yuan ($9,081.54) a tonne.
* Pulling down economic activity are soaring inflation and
interest rate hikes in many countries including the United
States where the Federal Reserve is expected to deliver another
75-basis-point hike this month.
* China’s services activity snapped three months of losses
in June and grew at the fastest rate in almost a year as easing
COVID-19 curbs revived demand, although firms remained cautious
about hiring, a private-sector survey showed.
* Japan’s services sector activity expanded at the fastest
pace in more than eight years in June as the easing of
coronavirus curbs boosted sentiment among businesses such as
those in tourism.
* Mainland China reported 418 new coronavirus cases for July
4, compared with 460 new cases a day earlier, the National
Health Commission said.
* The premium for aluminum shipments to Japanese buyers for
July to September was set at $148 a tonne, down 14% from the
previous quarter, to reflect weak demand for automobiles and
rising local inventory.
* Chile’s total copper production fell 2.55% in May to reach
478,800 tonnes, government body Cochilco said on Monday.
* Global copper smelting activity declined in June, hit by a
stoppage in top producer Chile, data from satellite surveillance
of metal processing plants showed on Monday.
* Asian shares rose on Tuesday as market sentiment got a
boost after Japan reported positive economic data.
0430 Australia RBA Cash Rate July
0500 India S&P Global Svcs PMI June
0750 France S&P Global Svcs, Comp PMIs June
0755 Germany S&P Global Svcs PMI June
0755 Germany S&P Global Comp Final PMI June
0800 EU S&P Global Svcs, Comp Final PMIs June
0830 UK Reserve Assets Total June
1400 US Factory Orders MM May
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 = 6.6916 Chinese yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry