SINGAPORE: Copper prices edged lower on Friday as market optimism waned after the US-China trade talks, while aluminium on the Shanghai Futures Exchange and London Metal Exchange rose on consistent support from lower stocks.
The SHFE most-traded aluminium contract gained for the third straight day, up 0.7% to 20,490 yuan per metric ton, while the LME three-month aluminium, which has gained since June 9, was up 0.3% to $2,525.5 a ton by 0107 GMT, outperforming other metals.
“Aluminium, compared with the other metals, has been performing rather strongly recently, as demand from the domestic market has been robust, and SHFE stocks have been declining,” a Hangzhou-based analyst from a futures company said.
London copper rises; volatility fears linger
Copper prices have been narrowly rangebound, as high premiums on the COMEX and LME in anticipation of possible US tariffs on copper imports have kept shipments of the red metal flowing to the US and lending support, she said.
Aluminium stocks in SHFE warehouses fell to 118,165 tons in the week ended June 6, the lowest since February 2024.
Aluminium stocks in LME-registered warehouses fell to 355,600 tons by June 11, the lowest since October 2022.
LME copper fell 0.3% to $9,673.5 a ton, down 0.2% on the week, and SHFE copper ticked down 0.1% to 78,610 yuan a ton, down 0.3% this week.
The premium of US COMEX copper futures over LME copper was $946 a ton.
LME lead fell 0.2% to $1,992.5 and nickel dipped 0.1% to $15,135.
SHFE lead gained 0.3% to 16,945 yuan a ton, while nickel fell 0.4% to 120,030 yuan, and zinc was down 0.2% to 22,020 yuan.
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