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LME, ShFE Metals Trade Mixed; Copper Dips on Output Rise from Top Producers Chile, Peru

5 Aug 2020 8:17 am
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Mumbai (Commodities Control) – Shanghai base metals prices were mixed on Wednesday. LME aluminium eased 0.2% to $1,766.50 a tonne, while ShFE nickel rose 0.6% to 111,500 yuan a tonne and ShFE lead advanced 1% to 15,965 yuan a tonne.

Copper prices fell on Wednesday as increased output in top producing countries put a lid on further rally after prices climbed to multi-year highs last month.

Three-month copper on the London Metal Exchange fell 0.2% to $6,443 a tonne by 0146 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange declined 0.7% to 51,350 yuan ($7,375.54) a tonne.

London and Shanghai copper contracts both hit a two-year high last month, partly due to expectations of supply disruptions in top producers Chile and Peru amid COVID-19 restrictions measures.

However, Chilean firm Codelco, the world's top copper producer, reported a 4.7%-rise year-on-year in January-June output, while expected labour strikes at two Chilean mines failed to take place last month.

Meanwhile, June copper output in Peru, the world's No. 2 copper maker, jumped 40.8% from a month earlier as mining activities resumed. January-June copper output, however, plunged due to coronavirus restrictions.

China's copper premiums at bonded warehouses fell to a seven-week low at $93.5 a tonne.

U.S. aluminium premiums rose to 12.6 U.S. cents per pound, their highest since March 31, while European premiums also hovered around a four-month high.

Nonferrous metals on the SHFE closed mixed in overnight trading. Copper shed 0.29%, zinc fell 0.32% and tin weakened 0.44%, while aluminium edged up 0.1% and nickel rose 0.67%. Lead ended flat.

On the LME, nonferrous metals, except for copper and tin, cruised higher on Tuesday. Aluminium jumped 1.35%, zinc added 0.8%, lead advanced 0.75% and nickel inched up 0.18%. Meanwhile, copper declined 0.43% and tin shed 0.59%.

Three-month LME copper is likely to trade between $6,430-6,480/mt today and ShFE copper is expected to move between 51,300-51,700 yuan/mt today.

(Commodities Control Bureau)

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