BEIJING: London copper prices rose on Tuesday, buoyed by a rally in China’s property shares, but higher cases of COVID-19 in China and cautiousness ahead of central bank meetings capped gains.
Three-month copper on the London Metal Exchange climbed 0.5% to $8,412 a tonne by 0219 GMT, reversing losses from the previous session.
Property stocks rose on Tuesday as a slew of supporting measures and data showing an increase in weekly new home sales last week lifted sentiment for the sector that is a main consumer for industrial metals.
However, worries about coronavirus symptoms spreading rapidly in China fuelled fears a wave in infections could heap pressure on its fragile health system and affect manufacturing activities.
The most-traded January copper contract on the Shanghai Futures Exchange was down 0.5% at 65,960 yuan($9,462.60) a tonne.
Peruvian community members blocked a key mining corridor highway near the city of Cusco amid protests against the country’s new president, who took office just last week, a source close to the Las Bambas mine said on Monday.
The impact of the protest on production at the mine was not immediately known, but previous blockades this year at Las Bambas, one of the world’s largest copper mines and owned by China’s MMG Ltd, severely disrupted operations.
Copper retreats on worries over China demand, rate hikes
The dollar was firm on Tuesday as investors are closely monitoring the US inflation data due at 1330 GMT and interest rate decision by the Fed on Wednesday.
Among other metals, LME aluminium climbed 0.5% at $2,426 a tonne, zinc nudged 0.1% up at $3,273, tin added 0.4% at $24,040, while lead dipped 0.1% at $2,178.5.
SHFE aluminium edged 1% down at 18,755 yuan a tonne, lead was down 0.1% at 15,585 yuan, while zinc rose 0.9% at 24,990 yuan, and nickel was up 1.1% at 222,310 yuan.
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