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Copper dips on worries of Chinese price curbs

Copper eased on Thursday as worries of price controls resurfaced after Chinese authorities vouched to keep a tab on surging commodity costs.

Three-month copper on the London Metal Exchange CMCU3 fell 0.3% to $9,949 a tonne by 0235 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.2% to 71,480 yuan ($11,200.08) a tonne.

China’s state planner on Wednesday renewed its pledge to step up monitoring of commodity prices and strengthen supervision of spot and futures markets, as domestic producer inflation hit its highest in more than 12 years.

China is the world’s biggest consumer of metals.

FUNDAMENTALS

* LME aluminium fell 0.5% to $2,446 a tonne, while nickel CMNI3 advanced 0.2% to $18,160 a tonne. In Shanghai, aluminium rose 0.7% to 18,505 yuan a tonne, nickel SNIcv1 increased 0.7% to 132,830 yuan a tonne, while lead SPBcv1 rose 1.3% to 15,465 yuan a tonne.

* Malaysia Smelting Corporation Bhd, the world’s third-biggest refined tin maker, said on Wednesday it had declared force majeure on its deliveries to customers because of coronavirus-related disruptions to production.

* The premium of LME cash aluminium and the three-month contract CMAL0-3 rose to $11.80 a tonne, its biggest since December 2019, indicating tightening supply of nearby contracts.
Source: Reuters (Reporting by Mai Nguyen; Editing by Ramakrishnan M.)

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