METALS-London copper declines on rising inventories
Published by
ScrapPrices
Published on April 15,2021 12:00 PM Metal Exchange
London copper prices fell on Thursday as an extended rise in inventories in the London Metal Exchange pressured prices.
METALS-London copper declines on rising inventories

HANOI, April 15 (Reuters) - London copper prices fell on Thursday as an extended rise in inventories in the London Metal Exchange pressured prices.

Three-month copper on the LME fell 0.1% to $9,064 a tonne by 0217 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange rose 1.5% to 67,170 yuan ($10,279.13) a tonne, tracking overnight gains in London.

Copper stockpiles in LME-approved warehouses MCUSTX-TOTAL hit their highest since Nov. 5 at 172,025 tonnes.

However, the gains were capped by a weak dollar that held near a three-week low on dovish U.S. Federal Reserve comments and retreating U.S. bond yields, making greenback-priced metals cheaper to holders of other currencies.

FUNDAMENTALS

* LME lead rose 0.1% to $1,997.50 a tonne, nickel fell 1.3% to $16,170 a tonne. ShFE nickel dipped 0.2% to 121,440 yuan a tonne and ShFE zinc increased 0.8% to 21,590 yuan a tonne.

* ShFE aluminium climbed as much as 1.7% to 18,120 yuan a tonne, its highest since August 2011, while LME aluminium hit its highest since June 2018 at $2,333.50 a tonne, on worries about output cuts in China to curb carbon emissions.

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