SINGAPORE, Sept 22 (Reuters) - London copper prices rose on
Tuesday, recouping some of the last session's losses, on
expectations of strong Chinese demand, although worries about
fresh coronavirus-led lockdowns capped gains.
Asian shares opened weaker on concerns about new pandemic
lockdowns in Europe and after reports about financial
institutions allegedly moving illicit funds hurt global banking
"Chinese demand and tightening global copper inventories are
supportive for prices," said Lachlan Shaw, head of commodities
research at National Australia Bank.
"LME copper stocks available for purchase dropped by 25%
yesterday. Total LME stocks remain at levels not seen since
2005. Despite that, official prices closed lower in the last
session, thanks to markets reducing risk as global coronavirus
* Three-month copper on the London Metal Exchange
rose 0.9% to $6,753 a tonne by 0304 GMT, after dropping 1.7% in
the last session.
* The most-traded copper contract on the Shanghai Futures
Exchange fell 0.6% to 51,940 yuan ($7,650.50) a tonne.
* China, the world's top consumer of industrial metals, is
expected to increase imports after data showed industrial output
accelerated the most in eight months in August, while retail
sales grew for the first time this year.
* The market hit its highest since June 2018 at $6,877.50 a
tonne on Monday.
* A resurgent dollar held on to overnight gains on Tuesday
after virus fears and worries about U.S. stimulus drove a wave
of selling in just about everything else.
* A strong dollar weighs on commodity prices as it makes
greenback-priced products expensive for buyers holding other
* The premium for cash LME copper over the three-month
contract <CMCU0-3> spiked by Friday's close to $40.25 a tonne,
its highest since March 2019, indicating tight supplies. It
pared gains on Monday to $31.
* The global world refined copper market showed a 192,000
tonnes deficit in June, compared with a 36,000 tonnes deficit in
May, the International Copper Study Group said in its latest
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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 = 6.7891 yuan)
(Reporting by Naveen Thukral; editing by Uttaresh.V)