Saturday, November 26

London copper slips on firmer dollar, slowdown worries

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London copper prices eased on Thursday, weighed down by a stronger dollar, global slowdown concerns and doubts about a demand recovery in top metals consumer China.


* Three-month copper on the London Metal Exchange was down 0.4% at $9,695.50 a tonne, as of 0235 GMT.

* The most-traded July copper contract in Shanghai was up 0.2% at 72,820 yuan ($10,885.39) a tonne.

* Parts of Shanghai began imposing new lockdown restrictions on Thursday, with residents of sprawling Minhang district forced to stay home for two days in a bid to control COVID-19 transmission risks.

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* The dollar held firm against its rivals, making greenback-denomated metals more expensive for buyers using other currencies.

* Speculation is growing that red-hot euro zone inflation could push the European Central Bank into kicking off its hike campaign with a large 50 basis point rate increase.

* A hedge fund association has complained to the LME about the suspension of the nickel market and cancellation of nickel trades in March saying the exchange failed to meet its regulatory obligations.

* Chilean state-owned Codelco, the world’s largest copper producer, said on Wednesday that it stopped its Ventanas smelter and refinery to carry out maintenance after authorities declared an environmental emergency in the region.

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* US Treasury Secretary Janet Yellen said on Wednesday the Biden administration was looking to “reconfigure” tariffs on Chinese imports but warned that such cuts would not be a “panacea” for easing high inflation.

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* Asian stocks fell, US bond yields rose and a soaring dollar pushed to a two-decade high against the yen on Thursday as investors worried about the outlook for more rate rises ahead of a key meeting of the ECB later in the day.


0300 China Exports, Imports May

0300 China Trade Balance May

1145 EU ECB Refinancing Rate June

1145 EU ECB Deposit Rate June

1230 US Initial Jobless Clm Weekly


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 = 6.6897 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)