METALS-Copper rally stalls in China holiday-thinned trade

Jan 27 (Reuters)Copper prices were almost flat on Friday as a week-long holiday in China paused a rally that was fuelled by demand prospects in the world’s biggest consumer.

Three-month copper on the London Metal Exchange CMCU3 was almost unchanged at $9,330 a tonne by 0427 GMT. On a weekly basis, the contract has risen only 0.1% after five straight weeks of gains.

The Chinese market is closed this week for the Lunar New Year holiday and will reopen on Jan. 30.

LME copper has gained 11% so far this month, on track for its biggest monthly rise since April 2022, as hopes grew that economic activities in China would pick up after the world’s second largest economy dismantled its strict COVID curbs.

State-owned Chilean Copper Commission on Thursday raised its projection for 2023 prices to $3.85 per pound from a December estimate of $3.70 a pound, as inventories worldwide drop.

LME aluminium CMAL3 eased 0.2% to $2,634.50 a tonne, zinc CMZN3 was up 0.1% at $3,490 a tonne, while tin CMSN3 advanced 0.4% to $32,400 a tonne.

LME tin prices have jumped 31% so far this month, on track for a record monthly gain. The contract rose 8% last month after a 30% surge in November.

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1330 US Consumption Adjusted MM Dec

1330 US U Mich Sentiment Final Jan

(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)

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