Copper hits one-month high as LME reopens after Christmas break

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Dec 29 (Reuters) – London base metals were mixed in late Asian trading on Wednesday with investors booking profits from recent rallies, while copper jumped to a one-month high after a two-day LME trading break.

Three-month copper on the London Metal Exchange, which was closed on Monday and Tuesday for public holidays, was up 1.2percent at (dollar)9,679 a tonne by 0701 GMT. It touched (dollar)9,706 earlier in the session, its highest since Nov. 26.

An arbitrage opportunity between COMEX and LME copper supported the metal, a Singapore-based trader said.

The most-traded February copper contract on the Shanghai Futures Exchange, however, ended daytime trading 0.2percent lower at 70,200 yuan ((dollar)11,017.47) 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 kept floor treatment and refining charges for copper concentrate in the first quarter of 2022 flat from the previous quarter, two people with knowledge of the matter said on Wednesday.

* LME zinc, which hit a two-month high on Dec. 23, fell 0.9percent to (dollar)3,487 a tonne, but Shanghai zinc rose 0.2percent to 24,090 yuan a tonne.

* LME aluminium dropped 1.1percent to (dollar)2,805 a tonne, retreating from a two-month high hit on Dec. 24. Shanghai aluminium rose 0.8percent to 19,910 yuan a tonne.

* LME nickel advanced 0.7percent to (dollar)20,175 a tonne, while Shanghai nickel climbed 0.5percent to 149,350 yuan a tonne.

* LME lead gained 0.3percent to (dollar)2,284.50 a tonne, while Shanghai lead rose 0.4percent to 15,500 yuan a tonne.

* LME tin slipped 0.3percent to (dollar)39,150 a tonne, while Shanghai tin added 0.2percent to 290,010 yuan a tonne.

((dollar)1 6.3717 yuan) (Reporting by Enrico Dela Cruz in Manila; Editing by Vinay Dwivedi and Shounak Dasgupta)

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