METALS-Copper rebounds from three-week low; set for monthly loss


Jan 31 (Reuters) - Copper rebounded in early trade on Monday, after touching a three-week low in the previous session, but the metal was poised for a monthly loss.

Aluminium, which was last week's standout among base metals, edged lower on profit-taking, with trading volumes expected to be light as mainland Chinese markets are closed for a week-long Lunar New Year holiday beginning on Monday.

The Shanghai Futures Exchange will reopen on Feb. 7.


* Three-month copper on the London Metal Exchange CMCU3 advanced 0.7% to $9,575 a tonne by 0236 GMT. It hit a three-week low of $9,496 on Friday and has fallen more than 1% in January.

* Three-month LME aluminium CMAL3 shed 0.2% to $3,077.50 a tonne, but headed toward a monthly gain of nearly 10%, as high power prices have forced some smelters to cut production and traders are concerned that the Ukraine conflict could interrupt exports from major producer Russia.

* Growth in top metals consumer China's factory activity slowed in January as a resurgence of COVID-19 cases and tough lockdowns hit production and demand, but the slight expansion offered some signs of resilience as the world's second-largest economy enters a likely bumpy new year.

* Copper prices, often seen as a gauge of global economic health, are set to languish this year, a Reuters poll of analysts showed, weighed down by weaker demand as rising interest rates curb economic growth while mines churn out more supply. COMMODITYPOLL01

* Europe needs to diversify its energy supplies, the head of NATO said on Sunday, as Britain warned it was "highly likely" that Russia, the continent's biggest natural gas supplier, was looking to invade Ukraine.

* For the top stories in metals and other news, click TOP/MTL or MET/L


* Asian share markets made guarded gains ahead of a week that is likely to see a rise in UK interest rates and mixed reports on U.S. jobs and manufacturing, while surging oil prices add to worries over inflation. MKTS/GLOB

* The dollar =USD was near a year-and-a-half high against the euro, with equities markets volatility expected to push it higher in the short-term as traders eyed upcoming Australian, UK and European central bank meetings.


1000 EU GDP Flash Prelim Q4

1300 Germany CPI Prelim Jan

1300 Germany HICP Prelim Jan

PRICES Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Most active ShFE nickel SNIcv1

Three month LME tin CMSN3 Most active ShFE tin SSNcv1

(Reporting by Enrico Dela Cruz in Manila; Editing by Rashmi Aich)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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