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Copper prices dip as Omicron variant, firmer dollar weigh

12/06/2021 | 10:51pm EST

Dec 7 (Reuters) - London copper prices inched lower on Tuesday as a firmer U.S. dollar and uncertainties over the impact of the Omicron COVID-19 variant offset support from monetary easing in top buyer China.

Three-month copper on the LME was down 0.2% at $9,483 a tonne, as of 0320 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange was flat at 69,360 yuan a tonne.

Omicron has spread around the globe and shows signs of being more contagious than the Delta variant, but health experts, including top U.S. infectious diseases official Anthony Fauci, said the variant appeared to be mild.

China's central bank said on Monday it would cut the amount of cash that banks must hold in reserve, in the year's second such move, releasing 1.2 trillion yuan ($188 billion) in long-term liquidity.

Meanwhile, the dollar was supported against safe-haven currencies such as the Japanese yen on Tuesday, hanging on to an overnight jump made with U.S. yields as investors hoped early signs the Omicron may be mild will be proved correct.

A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies.


* Chinese tin smelter Gejiu Kaimeng Industry and Trade Co has started routine maintenance in a month-long overhaul that will take 600-700 tonnes of refined tin out of the market, the International Tin Association (ITA) said on Tuesday.

* Global nickel smelting activity rebounded in November, powered by gains in North America and Europe, while refined copper production dipped, data from satellite surveillance showed on Monday.

* LME aluminium was up 0.3% at $2,595 a tonne, zinc fell 0.5% to $3,148, lead gained 0.5% to $2,207.5 a tonne and tin rose 0.3% to $38,850 a tonne.

* ShFE aluminium slipped 0.7% to 18,760 yuan a tonne, nickel fell 0.9% to 146,720 yuan a tonne and zinc eased 0.3% to 22,820 yuan a tonne.

* For the top stories in metals and other news, click or


* Asian stocks edged higher on Tuesday on receding worries about the impact of the Omicron variant while Chinese markets gained after the central bank there eased monetary policy.


0700 Germany Industrial Output MM Oct

0745 France Reserve Assets Total Nov

1000 EU GDP Revised QQ, YY Q3

1000 Germany ZEW Economic Sentiment Dec

1000 Germany ZEW Current Conditions Dec

1330 US International Trade Oct

(Reporting by Eileen Soreng in Bengaluru; Editing by Sherry Jacob-Phillips)

ę Reuters 2021
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