London copper rises further, other metals mixed

London copper rose further on Monday, helped by tight supply of copper concentrate, while other base metals were broadly mixed, with a stronger dollar making the greenback-priced commodities more expensive for holders of other currencies.

Rising U.S. Treasury yields have been a boost for the dollar, with the key 10-year note hitting a more than seven-month high last week.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $8,988 per metric ton by 0702 GMT, rebounding further from a five-week low hit on Dec. 19.

China’s top copper smelters agreed on price guidance for copper concentrate processing treatment and refining charges in the first quarter of 2025 that was lower than this quarter’s guidance, reflecting a lingering shortage of copper concentrate.

“Copper prices fluctuate as the year-end approaches. Many businesses are busy with closing trade books, and spot trades are thin,” analysts at Galaxy Futures said in a note.

The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) slid 0.1% to 74,270 yuan ($10,175.23) a ton by the close of Asia afternoon trade.

On a week-on-week basis, copper inventories in SHFE warehouses climbed 4.7% to 74,172 tons on Dec. 27. However, the level was the lowest seen in the past 10 months.

LME aluminium (CMAl3) slid 0.3% to $2,550 a ton, nickel edged up 1.1% to $15,475, zinc gained 0.5% to $3,048, tin was up 1.2% at $29,160, while lead was 0.8% lower at $1,953.

SHFE aluminium slipped 0.1% to 19,805 yuan a ton, nickel fell 0.9% to 124,820 yuan, zinc was relatively unchanged at 25,325 yuan, lead slid 1.6% to 16,795 yuan, and tin edged up 0.9% at 246,850 yuan.
Source: Reuters