London copper prices languished near
16-month lows on Friday and looked set to post their biggest
weekly drop in a year, as rapid interest rate hikes and weak
economic readings raised recession fears.
* Three-month copper on the London Metal Exchange
was up 0.1% at $8,421 a tonne, as of 0237 GMT, after dropping to
its lowest since February 2021 at $8,326 on Thursday. The
contract was down 6% for the week.
* The most-traded July copper contract in Shanghai
fell 3.3% to 64,220 yuan ($9,590.51) a tonne and was down 7.8%
for the week – its largest weekly fall since March 2020.
* The US Federal Reserve’s commitment to reining in
40-year-high inflation is “unconditional,” its chair Jerome
Powell told lawmakers on Thursday, even as he acknowledged that
sharply higher interest rates may push up unemployment.
* Euro zone business growth has slowed significantly in June
as consumers concerned about soaring bills opted to stay at home
and defer purchases to save money, a survey showed.
* Union leaders at Chile’s state-owned mining firm Codelco,
the world’s largest copper producer, reached an agreement with
the company to end a national strike over the decision to close
a smelter located in a highly polluted area.
* Mainland China reported 143 new coronavirus cases for June
23, compared with 135 new cases a day earlier. COVID
restrictions in China have battered the country’s economy and
* The global zinc market moved to a surplus of 10,900 tonnes
in April from a revised deficit of 31,700 tonnes a month
earlier, data from the International Lead and Zinc Study Group
* The LME said on Thursday it had appointed management
Oliver Wyman to consultants carry out an independent review of
the events that led to a week-long suspension of nickel trading
* Stocks and bonds were both headed for their first weekly
gain in a month as investors wagered on central banks bringing
inflation to heel, though growth fears dragged on commodities.
0600 UK Retail Sales MM/YY May
1400 US U Mich Sentiment Final Jun
1400 US New Home Sales-Units 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 = 6.6962 Chinese yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu