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Markets

Copper set for weekly fall on China price-curb fears

  • Three-month copper on the London Metal Exchange fell 0.2% to $9,871 a tonne.
  • The most-traded July copper contract on the Shanghai Futures Exchange declined 0.8% to 70,920 yuan ($11,106.76) a tonne and was also set for a weekly decline.
11 Jun 2021

HANOI: Copper prices fell on Friday and were on track for a weekly decline as investors worried about possible measures by Chinese authorities to curb a rally in commodity prices.

Three-month copper on the London Metal Exchange fell 0.2% to $9,871 a tonne by 0301 GMT. The contract was down 0.8% on a weekly basis.

The most-traded July copper contract on the Shanghai Futures Exchange declined 0.8% to 70,920 yuan ($11,106.76) a tonne and was also set for a weekly decline.

China's state reserves administration plans to sell its reserves of copper, aluminium and zinc in a programme expected to last until the end of 2021, Chinese information provider Shanghai Metal Exchange Market said.

China is the world's biggest copper consumer.

The possible action by the administration came as domestic producer inflation in May hit its highest in more than 12 years due to surging commodity prices, while copper prices hit a record high last month.

FUNDAMENTALS

LME aluminium rose 0.4% to $2,486.50 a tonne and lead advanced 0.6% to $2,188 a tonne. ShFE aluminium climbed 1.9% to 18,855 yuan a tonne and ShFE nickel increased 2% to 134,800 yuan a tonne.

China is looking to release 800,000-900,000 tonnes of primary aluminium from its state reserves as soon as next month to ease high prices for the metal, consultancy CRU said in a note to clients, citing local market contacts.

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MARKETS NEWS

US bond yields fell to three-month lows and a broad gauge of Asian shares rose as investors saw enough one-off factors in US consumer price data to back the Federal Reserve's conviction that rising inflation will be transitory.