HANOI, Jan 26 (Reuters) – Copper prices went up on Tuesday, while investors waited for announcements about the prospect of a $ 1.9 trillion US stimulus package proposed by President Joe Biden .
Three-month copper on the London Metal Exchange rose 0.1% to $ 7,973 per tonne before 0315 GMT, while the most traded copper contract in March on the Shanghai Futures Exchange was almost flat at 58,810 Yuan ($ 9,087.68) per tonne.
Biden is pushing for a decisive relief proposal, but Democratic Majority Leader Chuck Schumer warned that a complete deal could be four to six weeks away, as many U.S. Republicans are blocked at the tag price.
PROPERTY
* China, the world’s leading consumer of metals, reported a drop in new COVID-19 infections, official data showed.
* LME silver aluminum was priced at $ 8.33-per-ton over the three-month contract CMAL0-3, a level not seen since December 2019, showing tight supply nearby.
* ShFE tin hit a record high of 173,070 yuan per ton and advanced tin 1.1% to $ 22,705 per tonne, hovering around the highest level since 2014, as tight supply supported prices.
* LME nickel rose 0.5% to $ 18,340 per tonne and ShFE aluminum fell 0.9% to 14,825 Yuan per tonne while nickel rose 0.7% to 135,800 Yuan per tonne.
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MARKET NEWS
* Asian stocks declined, rebounding from highs as concerns about potential obstacles to Biden’s administration stimulus weighed down, slowing U.S. Treasury yields to a three-week low.
DATA / EVENTS (GMT)
0700 Unemployment of UK Advocates Census December
0700 UK ILO Unemployment Rate November
1200 Brazil IPCA-15 CPI Mid-Jan.
1500 US consumer confidence Jan.
1600 Russian Industrial Production December
– US Federal Reserve Open Market
The Committee will begin its two-day meeting on it
interest rates
$ 1 = 6.4714 yuan Reciting by Mai Nguyen; Edited by Rashmi Aich