Copper trades flat in thin holiday trade
- Yangshan copper premium fell to $22 a tonne, its lowest since 2016, indicating weak demand for imported metal into China.
HANOI: Copper was unchanged on Monday in tepid trade due to a holiday in top consumer China, while worries eased over supply disruption after a strike in Chile was avoided.
Three-month copper on the London Metal Exchange was almost flat at $10,007 a tonne by 0305 GMT. Aluminium rose 0.4% to $2,474 a tonne and nickel increased 0.4% to $18,295 a tonne and tin climbed 0.9% to $31,850 a tonne.
The Shanghai Futures Exchange is closed for a holiday.
Workers at BHP Group's Spence copper mine in top producer Chile said last week they had reached a new contract deal with the company, avoiding a strike.
FUNDAMENTALS
China plans to release state reserves of nonferrous metals copper, aluminium and zinc in a programme set to last until the end of 2021, data provider Shanghai Metal Exchange Market and Chinese analysts said.
Yangshan copper premium fell to $22 a tonne, its lowest since 2016, indicating weak demand for imported metal into China.
Copper inventories in warehouses tracked by ShFE fell for the fourth straight week on Friday to 180,967 tonnes, the lowest level since March 12.
ShFE tin stockpiles fell to their lowest since November 2020 at 4,563 tonnes, while lead inventories in ShFE warehouses leaped to 118,885 tonnes, their highest since June 2013.
ShFE nickel inventories dropped to a record low of 7,471 tonnes.