HANOI, Jan 12 (Reuters) – Shanghai copper prices hit Tuesday’s lowest level in a week, as coronavirus outbreaks in China raised concerns about a spike in demand in the world’s largest consumer of metals .
The most traded copper contract in March on the Shanghai Futures Exchange fell as much as 2.5% to 57,960 Yuan ($ 8,958.82) per tonne, the lowest level since Jan. 5.
ShFE aluminum declined 2.2% to 14,830 Yuan per tonne before 0318 GMT, nickel declined 2.2% at 127,180 Yuan and zinc shed 1.9% to 20,730 Yuan.
China reported 55 new virus infections on Monday, down from 103 the previous day for its biggest daily rise in more than five months, raising concerns ahead of a possible New Year’s holiday in early February. cut into the application.
Three-month copper on the London Metal Exchange added 0.7% to $ 7,915 per tonne, while aluminum fell 0.3% to $ 2,003.50 per tonne, nickel rose 1.3% to $ 17,310 per tonne and rose 0.6% to $ 1,979 per tonne. tons forward.
PROPERTY
* Copper materials in LME stores IOMLAN MCUSTX rose for the first time from December 4, 2020 to 104,950 tons, and the discount of LME silver copper to the three-month contract CMCU0-3 expanded to $ 14.25 per ton, the highest number since Jan. 4.
* Rio Tinto-controlled Turquoise Hill Resources said the Mongolian government is considering halting the companies’ underground expansion of their Oyu Tolgoi copper ore project due to rising development costs.
* For top stories in metals and other news, click or
MARKET NEWS
* Asian stocks were mostly lower, following the Wall Street decline as political turmoil in Washington and coronavirus rise issues around the world measured on sentiment before the start of the quarterly earnings season .
DATA / EVENTS (GMT)
– IPCA Brazil Inflation Index MM December
$ 1 = 6.4696 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips