BEIJING: London copper traded within a tight range on Wednesday, as a recent rally in prices dampened consumption in top consumer China, although supply disruptions primarily caused by Cobre Panama mine closure continued to lend some support.
Three-month copper on the London Metal Exchange was up 0.1% at $9,714 per metric ton, as of 0135 GMT, after a two-day decline.
The most-traded June copper contract on the Shanghai Futures Exchange slid 0.5% to 78,460 yuan ($10,832.08) per ton.
Cobre Panama, one of the world’s largest open-pit copper mines, was forced to shut in December, reversing global supply of copper concentrate to a supply deficit this year.
Copper prices have rallied so far this year with support from mine closures and upbeat Chinese demand outlook.
LME copper hit a two-year high on Friday.
Fabricators of copper tubes and wires in China are struggling to pass on higher costs to their customers, ANZ analysts said, citing comments from an industry conference in Hangzhou.
Copper hits two-year high as base metals rise on fund buying
Yangshan copper premium, an indicator of demand for imports, plunged to near zero on Tuesday and the lowest, according to data by Shanghai Metals Market that tracks records back to 2013.
The London Metal Exchange moved on Tuesday to stop traders from taking Russian aluminium from its approved warehouses and returning it at a later date to profit from rule changes to comply with new sanctions.
LME nickel shed 0.2% to $18,975 a ton, tin gained 0.2% to $32,000, aluminium declined 0.3% to $2,571.50, while zinc climbed 0.5% to $2,806.50 and lead edged 0.1% higher to $2,187.
SHFE tin plummeted 4.6% to 253,010 yuan a ton, aluminium fell 1.3% to 20,115 yuan, nickel decreased 1.8% to 141,350 yuan and zinc little moved at 22,465 yuan, while lead rose 1.3% to 17,045 yuan.
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