Metals: Copper dips on firm dollar, U.S. stimulus doubts; aluminium shimmers

MM2 Asia

10/12/2020 02:58

Dec 10 (Reuters) - Copper prices dipped on Thursday as
investors tempered  expectations for another coronavirus U.S.
stimulus deal and as a firm dollar made greenback-priced metals
less attractive to buyers, though supply concerns supported
aluminium.
    Three-month copper on the London Metal Exchange  CMCU3 
slipped 0.5% to $7,683.50 a tonne by 0220 GMT, reversing gains
from the previous session.
    The most-traded January copper contract on the Shanghai
Futures Exchange  SCFcv1  dropped 0.4% to 56,890 yuan 
($8,691.87) a tonne.
    Sentiment soured after the U.S. House of Representatives on
Wednesday approved a one-week extension of federal government
funding to give more time for talks about the economic stimulus
package.  urn:newsml:reuters.com:*:nL1N2IP1JH
    The only LME gainer, aluminium  CMAL3  rose 0.2% to
$2,039.50 a tonne while the Shanghai benchmark  SAFcv1  jumped
1.5% to 16,235 yuan a tonne.
    
    FUNDAMENTALS
    * China's copper smelters produced 1% less copper cathode in
November than in the previous month due to maintenance in
Shandong, Anhui and other regions, research house Antaike said
on Wednesday.  urn:newsml:reuters.com:*:nL1N2IP0YE
    * One of the unions in contract negotiations with
Antofagasta Minerals  ANTO.L  at its Centinela mine has reached
an agreement with the Chilean miner, while another was still in
talks, union leaders said.  urn:newsml:reuters.com:*:nL1N2IP11A
        
    MARKETS NEWS    
    * Asian markets looked set to slide on Thursday as investors
tracked negotiations with significant economic implications in
the United States and Europe.  MKTS/GLOB     
        
    DATA/EVENTS (GMT)
    0700  UK      GDP Est. 3M/3M, MM, YY           Oct
    0700  UK      Manufacturing Output MM          Oct
    1200  Brazil  Retail Sales YY                  Oct
    1245  EU      ECB Refinancing & Deposit rates  Dec
    1330  US      CPI MM, SA                       Nov
    1330  US      Initial Jobless Claim            weekly
    
    PRICES    
    Three month LME copper           CMCU3  
    Most active ShFE copper          SCFcv1  
    Three month LME aluminium        CMAL3  
    Most active ShFE aluminium       SAFcv1  
    Three month LME zinc             CMZN3  
    Most active ShFE zinc            SZNcv1  
    Three month LME lead             CMPB3  
    Most active ShFE lead            SPBcv1  
    Three month LME nickel           CMNI3 
    Most active ShFE nickel          SNIcv1   
    Three month LME tin              CMSN3  
    Most active ShFE tin             SSNcv1          
    

 (Reporting by Enrico Dela Cruz in Manila, Editing by Sherry
Jacob-Phillips)
 ((enrico.delacruz@tr.com))
 
(( For related news and prices, click on the codes in brackets:
 LME price overview       RING=  COMEX copper futures   0#HG: 
 All metals news          MTL    All commodities news       C  
 Foreign exchange rates  FX=     SPEED GUIDES  LME/INDEX ))