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LME Copper Edges Lower as Dollar Crept Up, Headed for Weekly Gain

7 Aug 2020 7:49 am
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Mumbai (Commodities Control) – London copper inched down in early Asian trade on Friday as the dollar crept up and top miner Codelco said it would resume projects suspended due to the coronavirus, while investors awaited data on top consumer China's July copper imports.

The metal widely used in power and construction was, nonetheless, on course for a weekly gain of 0.8% after a fall in London Metal Exchange inventories and as the dollar lost ground over the week, making greenback-denominated metals cheaper for holders of other currencies.

Three-month LME copper was down 0.3% at $6,462.50 a tonne by 0145 GMT, extending a 0.3% loss in the previous session. The most-traded September copper contract on the Shanghai Futures Exchange slipped 0.2% to 51,450 yuan ($7,394.69) a tonne.
Chile's state-run miner Codelco said it would restart operations and projects it had suspended due to the coronavirus pandemic from next week.

Most of the large-scale copper mines in the world saw year-on-year declines in output in the first half of 2020, according to their H1 production results.

Output fell sharply at Glencore (-11%), MMG (-22%) and Teck Resources (-12%). Mines that saw sharp falls in output have all been the copper mines in Peru, badly hit by the coronavirus in the first half of this year. H1 output shrank 31.9%, 19.3% and 29.2% at Antamina, Antacappay and Las Bambas respectively, all on a yearly basis.

Customs is due to report preliminary trade data for July, including unwrought copper and copper concentrate imports, as well as aluminium exports, on Friday. Unwrought imports hit a record high in June.

President Donald Trump moved to reimpose 10% tariffs on some Canadian aluminium products to protect U.S. industry from a "surge" in imports, angering Ottawa and some U.S. business groups.

Shanghai lead was the top performer, rising as much as 2.8% to its highest since Sept. 16 and was on course for a weekly gain of 5.7%, its best in more than two years.

(Commodities Control Bureau)

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