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Copper prices in London fell on Tuesday after hitting a two-week high in the previous session as dollar returns and demand worries continued due to the ongoing lockdown in top consumer China.
Fundamentals
* The benchmark three-month copper price on the London Metal Exchange (LME) fell 0.4% to 9,510.50 per tonne, reaching a high of $ 9,565 on Monday 5 May, according to 0217 GMT.
* The most active June copper contract on the Shanghai Futures Exchange rose 0.2% to 72,150 yuan ($ 10,827.48) per tonne.
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* Beijing has increased work requirements from home to prevent a COVID-19 outbreak, while Shanghai has set up more tests and controls to maintain its hard-won “zero COVID” status after a two-month lockdown.
* The safe-haven dollar on Tuesday recovered some of its overnight losses, making greenback-formatted metals more expensive for buyers using other currencies.
* China will extend its tax credit rebates, provide social security and suspend debt repayments, launch new investment projects and take other steps to support the economy, state television quoted the cabinet as saying on Monday.
* Copper inventory
* Japan’s manufacturing activity expanded at its slowest pace in three months in May, as output growth and new orders slowed due to supply shortages and a lockdown in China.
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Russia’s Nornickel expects a surplus of 37,000 tonnes of global nickel market in 2022, it said on Monday, lowering its estimates from the February forecast.
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Market news
* Asian stock prices tumbled on Tuesday on relief from a rally on Wall Street after a sharp slide in U.S. stock futures, while the euro was close to a one-month high as the ECB narrowed the possibility of a July rate hike.
Price
Three months LME copper
The most active is ShFE copper
Three months LME aluminum
The most active is ShFE aluminum
Three months LME Zinc
The most active is ShFE Zinc
Three month LME lead
The most active ShFE lead
LME nickel for three months
The most active is ShFE nickel
Three-month-old LME tin
Most active ShFE tin ($ 1 = 6.6636 Chinese yuan renminbi) (Reporting by Brijesh Patel in Bangalore; Editing by Rashmi Ich)