Credit: REUTERS/MORITZ HAGER July 6 (Reuters) - Copper prices slipped on Wednesday to
hover near a 19-month low, weighed down by a robust U.S. dollar
and on heightened fears of a global recession and renewed
lockdowns in top consumer China that could slash demand for
metals.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange
was down 0.8% at $7,606 a tonne, as of 0250 GMT, after hitting
its lowest since December 2020 at $7,597 on Tuesday.
* The most-traded August copper contract in Shanghai
dropped 4.7% to 58,080 yuan ($8,662.19) a tonne.
* The dollar stood tall on Wednesday, holding at a 20-year
peak against the euro and multi-month highs against other major
peers. A stronger greenback makes dollar-denominated metals more
expensive for other currency holders. [USD/]
* Shanghai has suspended operations of KTV karaoke venues in
the city as it tries to stem a recent outbreak from one such
location, but other recently reopened cultural venues like
libraries will be allowed to stay open, a city official said.
[nL1N2YM0N4] [nL4N2YN0AX] [nK7N2Y1007]
* Business growth across the euro zone slowed further last
month, according to a survey in which forward looking indicators
suggested the region could slip into decline this quarter as the
cost-of-living crisis keeps consumers wary. [nZRN004NHF]
* Recession worries and consumer belt tightening have hit
demand for electronic goods, which is feeding through to weaker
consumption of soldering metal tin, but output cuts mean the
market is likely to be balanced this year. [nL8N2YE4KT]
* U.S. President Joe Biden's team is still looking at
options on China tariffs, White House press secretary Karine
Jean-Pierre said on Tuesday. [nW1N2YL00G]
MARKETS NEWS
* Asian stocks slipped as investors' fear deepened that the
continent is leading the world into recession. [MKTS/GLOB]
DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM May
1345 US S&P Global Comp, Svcs Final PMIs June
1400 US ISM N-Mfg PMI June
1800 US Federal Open Market Committee issues minutes
from its June 14-15 meeting
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 6.7050 Chinese yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry
Jacob-Phillips)
((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848
5832, Outside U.S. +91 8067493865; Reuters Messaging:
Brijesh.Patel1.thomsonreuters.com@reuters.net))
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Keywords: GLOBAL METALS/
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