METALS-London copper edges higher as Chinese power worry calms

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(updates price, adds quote)

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October 4 (Businesshala) – London copper fell on Monday after some investors picked up on the battered metal after last week’s fall as worries about an energy shortage in China eased.

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Three-month copper was up 0.2% to $9,147.50 a tonne by 0.724 GMT on the London Metal Exchange, slightly better than last week’s 2.2% drop.

Trade volume was low as Chinese markets were closed for a week-long public holiday.

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Widespread power shortages in China have raised concerns about slowing growth and sluggish metal demand, but Chinese Premier Li Keqiang said last week that the country would ensure its electricity supply and economic operations were kept within reasonable limits.

“One set of opinions is that China will be able to adjust and not have the dramatic decline in industrial activity that was previously feared,” Freeman said, referring to the electricity issue, but noting that the recent weak Chinese factories The figures will still rein in the prices of metals.

Lower warehouse stocks also supported copper prices. Inventory in ShFE warehouses CU-STX-SGH The LME reserves were at 43,525 tonnes, the lowest since June 2009. MCUSTX-TOTAL That fell to 217,175 tonnes as of September 30, a 14% low so far in September, the latest exchange data showed.

LME aluminum rose 0.6% to $2,874 a tonne, nickel rose 0.4% to $18,040 a tonne, zinc rose 0.7% to $3,004 a tonne, while lead fell 0.4% to $2,132.50 a tonne and tin shed 0.4% to $33,695 a tonne. Tons done.

fundamentals

* The difference between the LME cash nickel and the three month contract CMNI0-3 After staying in premium since August 25, it slipped to a discount of $1 a tonne, reflecting a decrease in nearby inventories.

* COMEX alumina futures rose 21.4% on Friday to $465 a tonne, the highest since October 31, 2018, after Noble Group Holdings said its Jamalco refinery would not resume full production until the end of September 2022.

*For top stories in metal and other news, click OR (Reporting by Mai Nguyen in Hanoi; Additional reporting by Tom Daly; Editing by Subhranshu Sahoo and Rashmi Aich)

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