Dec 29 (Reuters) - Most base metals fell on Wednesday as investors booked profits after recent rallies, but copper prices in London jumped to a one-month high on arbitrage trades.
Zinc and aluminium extended losses on the London Metals Exchange, which was closed on Monday and Tuesday for public holidays.
LME copper rose as much as 1.4% to $9,706 a tonne, its highest since Nov. 26, but the most-traded February copper contract on the Shanghai Futures Exchange fell 0.6% to 69,880 yuan ($10,968.11) a tonne, after scaling a one-month high on Tuesday.
FUNDAMENTALS
* Metals traded on the Shanghai exchange are expected to decline from this year's highs, but will still find demand support from top metals consumers China and remain above pre-COVID-19 levels.
* China's top copper smelters on Wednesday set their floor treatment and refining charges for copper concentrate in the first quarter of 2022 at $70 per tonne and 7 cents per pound, two sources with knowledge of the matter said.
* Chinese battery materials producer
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian stocks slipped on Wednesday, following a mixed Wall Street session as the region's investors positioned their portfolios for the new year and continued to grapple with increasing global numbers of Omicron coronavirus cases.
PRICES
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
ARBS ($1 = 6.3712 yuan) (Reporting by Enrico Dela Cruz in Manila; Editing by Vinay Dwivedi)