METALS-Copper hits 2+ week high on weaker dollar, Chinese demand hopes
May 23 (Reuters) – Copper prices hit a more than two-week high on Monday, buoyed by a weaker U.S. dollar and as China’s top metals consumer’s plans to end COVID-19 lockdowns raised hopes of a resumption of demand.
* Reference copper at three months CMCU3 on the London Metal Exchange (LME) rose 0.4% to $9,463 a tonne, as of 02:09 GMT, after hitting its highest level since May 5 at $9,532 in early Asian trading .
* The most active June copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.3% to 71,980 yuan ($10,758.06) a ton, after hitting its highest level since May 6.
* Shanghai, in its seventh week of lockdown, has slowly allowed more people to leave their homes in recent days and plans to lift its citywide lockdown and return to more normal life from June 1.
* The dollar started the week on the back foot, after its first weekly loss in nearly two months, as investors cut bets on further dollar gains on the back of higher US rates and hoped that the loosening lockdowns in China could help global growth. XRF/
* A weaker dollar makes metals denominated in greenbacks cheaper for buyers using other currencies.
* China last week slashed its benchmark mortgage benchmark rate by a surprisingly wide margin as Beijing seeks to revive the struggling housing sector to support the economy.
* CHRONICLE-Another year of lead surplus but not for everyone: Andy Home
* Operations have been suspended at the Khoemacau Zone 5 copper and silver mine in Botswana after an underground accident killed two people on Friday, the company said on Saturday.
* Copper stocks in warehouses monitored by the Shanghai Futures Exchange fell 1.7% from a week ago, the exchange said on Friday.
* Global primary aluminum production in April was unchanged year-on-year at 5.599 million tonnes, according to data from the International Aluminum Institute.
* For top metal stories and other news, click TOP/MTL or MET/L
* Asian stocks came under pressure on Monday as lingering worries about inflation and rising interest rates weighed on the global economic outlook and further selling in technology stocks weighed on Chinese markets. MKTS/GLOB
0800 Germany Ifo Business Climate New May
0800 Germany Ifo Current Conditions New May
0800 Germany Ifo Expectations New May
LME Copper RATES 3 months CMCU3
Most active copper ShFE SCFcv1
Three Month LME Aluminum CMAL3
Most Active ShFE Aluminum SAFcv1
Three-Month LME Zinc CMZN3
Zinc ShFE most active SZNcv1
Three-month LME advance CMPB3
Lead ShFE most active SPBcv1
Nickel LME three months CMNI3
Most Active Nickel ShFE SNIcv1
Three Month LME Box CMSN3 Most active ShFE tin SSNcv1
($1 = 6.6908 yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.