Jan 31 (Reuters) – Copper prices dipped on Tuesday as traders exercised caution after physical demand in China, the world’s biggest consumer of metals, remained stagnant following a week-long holiday.
Three-month copper on the London Metal Exchange CMCU3 was down 0.2% at $9,195 a tonne by 0301 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.2% to 69,570 yuan ($10,301.02) a tonne.
Both copper contracts, however, are still set for a monthly gain, backed by a weaker U.S. dollar, rising inflows from funds and hopes that Chinese demand for the metal will improve following the removal of its strict COVID-19 restrictions.
China’s manufacturing activity swung back to growth in January, beating expectations, as a wave of COVID-19 infections passed through the country faster than expected.
LME aluminium CMAL3 fell 0.8% to $2,570 a tonne, zinc CMZN3 declined 0.3% to $3,435.50 a tonne, tin CMSN3 shed 1.4% to $29,400 a tonne while lead CMPB3 rose 0.4% to $2,169 a tonne.
SHFE aluminium SAFcv1 eased 0.8% to 18,920 yuan a tonne, tin SSNcv1 declined 1.4% to 235,390 yuan a tonne, lead SPBcv1 eased 0.3% to 15,245 yuan a tonne while zinc SZNcv1 rose 0.8% to 24,480 yuan a tonne.
SHFE nickel SNIcv1 was up 1.2% at 221,930 yuan a tonne. Earlier in the session, it hit 223,290 yuan a tonne, its highest in 3-1/2 weeks, after Bloomberg reported that the Philippines may tax nickel exports.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
0630 France GDP Preliminary Q4
0745 France CPI (EU Norm) Prelim YY Jan
0745 France Producer Prices YY Dec
0855 Germany Unemployment Chg SA Jan
0855 Germany Unemployment Rate SA Jan
0100 EU GDP Flash Prelim Q4
0900 Germany CPI Prelim YY Jan
0900 Germany HICP Prelim YY Jan
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($1 = 6.7537 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)
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