Most Read China’s new copper contract off to a spluttering start MELBOURNE, Nov 19 (Reuters) – China’s new global copper contract had a spluttered start on Thursday, reflecting a downbeat trend across the complex amid concerns that more coronavirus lockdowns could temper demand.FUNDAMENTALS * COPPER: China’s international bonded copper futures contract fell at the open in its debut trade, slipping 1.4% on Thursday on the Shanghai International Energy Exchange to 47,010 yuan ($7,159) a tonne.* VOLUMES: Volumes stood at 6640 lots, around an eighth of the levels of the most-actively traded Shanghai contract.* SHFE COPPER: Shanghai Futures Exchange copper traded flat at 52,580 yuan a tonne.* LME COPPER: London Metal Exchange copper eased 0.6% to $7048 by 0407 GMT, erasing a small gain from the previous session.Prices hit $7,179 on Monday, the highest since June 2018, and have rallied more than 60% from the year’s mid-March lows.* DOLLAR: Metals failed to find much filip from a dollar that was weaker as investors worried about rising novel coronavirus deaths and began to wager on more monetary stimulus from the U.S.
Federal Reserve.* ZINC: A pile-up of hidden zinc stocks in Spain has helped create shortages in top consumer China and bolstered a price rally, despite expectations of surpluses this year for the metal used to galvanise steel.* For the top stories in metals and other news, click or MARKETS NEWS * GLOBAL: Asian shares eased from all-time highs on Thursday as widening COVID-19 restrictions in the United states weighed on Wall Street PRICES ARBS ($1 = 6.5664 Chinese yuan) (Reporting by Melanie Burton; editing by Uttaresh.V) 2020-11-19 06:36:32
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