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LME Copper eases from 4- Month high as markets eye tariff deadline

10 Dec 2019 9:36 am
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Mumbai (Commodities Control) - London copper took a breather on Tuesday, after scaling a four-month peak in the previous session, as markets looked ahead to the British election and the next potential round of U.S. tariffs on Chinese imports.

London Metal Exchange copper fell 0.3% to $6,059 a tonne by 0152 GMT, paring gains from the previous session. Prices reached $6,084.50 a tonne on Monday, which was the loftiest since July 22.

Shanghai Futures Exchange copper held overnight gains, up 1.1% at 48,560 yuan ($6,899) a tonne. Prices earlier touched the highest since May 7 at 48,720 yuan a tonne.

Strong copper imports to China for November added to pledges of infrastructure spending has burnished the demand outlook for metals into the New Year.
November imports were at a 13-month high of 483,000 tonnes for unwrought metal and 2.16 million tonnes for ores and concentrates, gains of 12.1% and 12.7% from October, respectively.

For year-to-date, unwrought copper imports were down 8.5% in November, but this represents an improvement on the 10% drop in the first 10 months and an 11.3% decline in the first nine.

For the first 11 months of the year, iron ore imports were down 0.7% from the same period in 2018, an improvement on the decline of 1.6% for the first 10 months and a drop of 2.4% for the first nine months.

According to the LME banding report, there is one major holder of aluminium warrants at between 50-80% of stock, for which lending guidance is in play. Lending guidance is also in play for lead and nickel, signifying a tight market in all three metals.

There is one major holder of short positions at between 20-29% of outstanding open interest and a major holder of long positions at 30-39% of December positions.

There are still 100,309 lots of open interest for the cash contract which becomes prompt on Dec. 18, equivalent to more than 2.5 million tonnes of aluminium.

Nearby tightness jumped to $3 overnight to carry aluminium for a day, the highest in nearly two months.

LME nickel trades 0.68% lower close to 13,225$/tonne, while lead and zinc are up 0.2% and 0.3%.LME aluminium is flat, trading in the range of 1755-1765$.

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