METALS-LME copper set for third weekly fall as China lockdowns, rising stocks weigh


April 22 (Reuters) - London copper prices fell on Friday and were on track for their third consecutive weekly loss, as rising inventories and COVID-19 lockdowns in top metals consumer China weighed on demand prospects for the red metal.


* Benchmark three-month copper CMCU3 on the London Metal Exchange (LME) was down 0.3% at $10,253 a tonne, as of 0157 GMT. The contract dropped nearly 0.6% so far this week.

* The most-active May copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.4% to 74,740 yuan ($11,565.54).

* China's financial markets are not immune to external shocks and the COVID situation also put more pressure on China's economy, governor of the People's Bank of China Yi Gang said on Friday.

* Shanghai said on Friday it would lift its lockdown in batches once virus transmission outside quarantined areas was stamped out. Mainland China reported 18,598 new coronavirus cases on April 21.

* Copper inventories in LME-approved warehouses rose 2,500 tonnes to 130,500 tonnes on Thursday, their highest since last October. Stocks of copper on the LME system have now climbed 62% over the last four weeks. MCUSTX-TOTAL

* Chilean miner Antofagasta's ANTO.L first-quarter copper production fell 24% year-on-year to 138,800 tonnes, hit by continued drought and lower grades, it said on Thursday.

* Kazakhstan's January-March refined copper output fell 0.4% year-on-year and production of refined zinc was down 5.4%, while crude steel output rose 3.0%, data from the statistics bureau showed on Thursday.

* The dollar was headed for its best one-week gain on China's yuan in more than two years as higher U.S. yields hoist the greenback. A stronger dollar makes greenback-denominated metals more expensive for buyers using other currencies. USD/

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


* Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the U.S. central bank would move aggressively to curb inflation. MKTS/GLOB


0600 UK Retail Sales MM, YY March

0600 UK Retail Sales Ex-Fuel MM March

0715 France S&P Global Mfg, Serv, Comp Flash PMIs April

0730 Germany S&P Global Mfg, Svc, Comp Flash PMIs April

0800 EU S&P Global Mfg, Serv, Comp Flash PMIs April

0830 UK Flash Comp, Mfg, Serv PMIs April

1345 US S&P Global Mfg, Serv, Comp Flash PMIs April

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 = 6.4623 yuan)

(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)

((; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging:

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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