London copper prices inched lower on Thursday, as traders took a breather following five straight sessions of gains that took prices above $9,000 a ton for the first time since June.
Three-month copper on the London Metal Exchange fell 0.2 percent to $9,107 a ton while the most-traded March copper contract on the Shanghai Futures Exchange advanced 1.8 percent to 68,650 yuan ($10,155.33) a ton.
A weaker dollar and China’s slew of policy support for the economy – as it reopened borders and removed COVID-19 restrictions – have fueled optimism for improving metals demand from its top consuming market.
However, physical demand remained subdued in the traditionally off-peak season and amid a looming global economic downturn. Prospects of further rate hikes and a firm dollar also pressured metals prices.
Yangshan copper premium fell to $32.50 a ton, its lowest since April 2022, indicating weakening demand to import copper into China.
LME aluminum declined 1.4 percent to $2,476 a ton, lead declined 1.1 percent to $2,167.50 a ton, zinc eased 0.9 percent to $3,178 a ton, while tin rose 0.7 percent to $27,000 a ton.
SHFE nickel fell 2.9 percent to 201,330 yuan a ton, lead declined 0.9 percent to 15,335 yuan a ton, while tin rose 2.8 percent to 214,740 yuan a ton, zinc advanced 0.4 percent to 23,815 yuan a ton. – Reuters
