Credit: REUTERS/Ivan AlvaradoApril 26 (Reuters) - London copper prices on Tuesday rose from a more than two-month low hit in the previous session, as a slight pullback in the U.S. dollar and hopes for more economic stimulus from top metals consumer China lifted sentiment.
FUNDAMENTALS
* Benchmark three-month copper CMCU3 on the London Metal Exchange (LME) was up 1.4% at $9,903 a tonne, as of 0230 GMT, after falling to its lowest since Feb. 9 on Monday.
* The most-active May copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.9% to 73,350 yuan ($11,200.01).
* China's central bank said it would step up prudent monetary policy support to the real economy, especially to small firms hit by COVID-19, responding to a media question seeking comment on swings in the financial markets.
* The dollar fell 0.1% against its rivals after climbing to a more than two-year high, supported by prospects of bigger rate hikes by the U.S. Federal Reserve. USD/
* A weaker dollar makes greenback-denominated metals less expensive for buyers using other currencies.
* Limiting gains, prolonged COVID lockdowns in Shanghai and potential curbs in Beijing raised worries over a slowdown in economic activity and demand for metals.
* The Asian region faces a "stagflationary" outlook, a senior International Monetary Fund official warned, citing the Ukraine war, spike in commodity costs and a slowdown in China as creating significant uncertainty.
* COLUMN-Bears tip-toe back into copper market as demand fears grow: Andy Home.
* Russian metals producer Nornickel GMKN.MM said on Monday its first-quarter nickel production rose year-on-year due to the recovery of its two mines after flooding in 2021.
* Japan's Sumitomo Metal Mining Co (SMM) 5713.T decided to discontinue a long-running feasibility study on an Indonesian nickel processing plant project because of a disagreement with partner PT Vale Indonesia INCO.JK.
* For the top stories in metals and other news, click TOP/MTL or MET/L
MARKETS NEWS
* Asian markets opened cautiously higher on Tuesday as China’s COVID lockdown fears and Fed tightening continue to weigh on investment appetite and investors try to gauge the impact of Beijing's policies to drive growth. MKTS/GLOB
DATA/EVENTS (GMT)
1230 US Durable Goods March
1400 US Consumer Confidence April
1400 US New Home Sales-Units March
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
($1 = 6.5491 yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Vinay Dwivedi)
((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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