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Copper gains as China's COVID-19 cases ease, but demand still at risk

By Zandi Shabalala LONDON (Reuters) - Copper prices gained on Wednesday as slowing COVID-19 infections in top metals consumer China eased near-term demand concerns, although...
Copper gains as China's COVID-19 cases ease, but demand still at risk © Reuters

By Zandi Shabalala

LONDON (Reuters) - Copper prices gained on Wednesday as slowing COVID-19 infections in top metals consumer China eased near-term demand concerns, although enduring lockdowns limited enthusiasm.

Shanghai said half the city had achieved "zero-COVID" status, but uncompromising restrictions had to remain in place under a national policy.

Lockdowns in China and worries over aggressive U.S. interest rate hikes this year have weighed on base metals, with copper hitting its lowest in nearly five months this week.

Beijing's reluctance to inject economic stimulus to bolster demand would continue to weigh on metals, said Caroline Bain, senior commodities economist at Capital Economics.

"The lockdowns in China have been the final nail in the coffin for demand. It has exposed how subdued demand has been," Bain said.

Benchmark copper on the London Metal Exchange (LME) was up 1.4% to $9,359 per tonne at 1043 GMT.

LOGISTICS: China's COVID-19 outbreak is suppressing the country's use of cobalt, nickel and lithium by disrupting transportation and cutting battery manufacturing, state-backed research house Antaike said.

DEMAND: China's overall vehicle sales for April plunged almost 48% from a year earlier as the lockdowns hit factories and showrooms, but sales of electric vehicles surged and Chinese brands took share from global rivals.

COPPER: China's April copper cathode output fell on both a monthly and annual basis, state-backed research house Antaike said on Tuesday, as maintenance and the COVID-19 outbreak curbed smelters from producing more metal.

INFLATION: China's factory-gate inflation eased to a one-year low in April, giving policymakers headroom for more stimulus to shore up a flagging economy.

DOLLAR: At a near two-decade high, the dollar makes metals and other assets it is priced in more expensive for buyers holding other currencies. [FRX/]

COLUMN: Bear funds flex muscles on copper as macro outlook darkens: Andy Home.

PRICES: LME aluminium gained 0.5% to $2,769 a tonne, zinc rose 1.3% to $3,645, lead was steady at $2,112, tin was barely changed at $35,530, while nickel fell 2% to $27,835.

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18-05-2022 14:09:20 (UTC+7)

EUR/USD

1.0518

-0.0029 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.0518

-0.0029 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.2434

-0.0056 (-0.45%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

USD/JPY

129.20

-0.19 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.7014

-0.0015 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (6)

USD/CAD

1.2825

+0.0016 (+0.12%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

EUR/JPY

135.89

-0.58 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0474

-0.0003 (-0.03%)

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Neutral

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Sell (4)

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Gold Futures

1,812.42

-6.48 (-0.36%)

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↑ Buy

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Silver Futures

21.593

-0.157 (-0.72%)

Summary

↑ Buy

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Buy (11)

Sell (1)

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Buy (7)

Sell (1)

Copper Futures

4.1977

-0.0346 (-0.82%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Crude Oil WTI Futures

110.56

+0.93 (+0.85%)

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↑ Buy

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Sell (5)

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Buy (10)

Sell (1)

Brent Oil Futures

112.52

+0.59 (+0.53%)

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↑ Buy

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Sell (2)

Indicators:

Buy (9)

Sell (2)

Natural Gas Futures

8.198

-0.116 (-1.40%)

Summary

Sell

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Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (4)

US Coffee C Futures

228.63

+3.83 (+1.70%)

Summary

Neutral

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Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,749.05

+7.54 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (6)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,211.45

+25.51 (+0.18%)

Summary

Neutral

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Sell (4)

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Buy (3)

Sell (4)

FTSE 100

7,526.10

+7.75 (+0.10%)

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Sell (11)

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Buy (2)

Sell (5)

Hang Seng

20,585.50

-17.02 (-0.08%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,531.73

+56.03 (+0.66%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

50.505

-0.185 (-0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.24

+0.12 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

202.45

+0.20 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Adidas AG

183.82

+0.52 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.881

+0.054 (+0.79%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Siemens AG Class N

116.69

+0.19 (+0.16%)

Summary

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Moving Avg:

Buy (10)

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Buy (9)

Sell (1)

Deutsche Bank AG

9.579

+0.041 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0518↑ Sell
 GBP/USD1.2434↑ Sell
 USD/JPY129.20↑ Sell
 AUD/USD0.7014↑ Sell
 USD/CAD1.2825Buy
 EUR/JPY135.89↑ Sell
 EUR/CHF1.0474Neutral
 Gold1,812.42↑ Buy
 Silver21.593↑ Buy
 Copper4.1977↑ Sell
 Crude Oil WTI110.56↑ Buy
 Brent Oil112.52↑ Buy
 Natural Gas8.198Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,749.05Neutral
 S&P 5004,088.85↑ Buy
 DAX14,211.45Neutral
 FTSE 1007,526.10↑ Sell
 Hang Seng20,585.50↑ Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,531.73↑ Buy
 BASF50.505↑ Buy
 Bayer64.24↑ Buy
 Allianz202.45↑ Buy
 Adidas183.82↑ Buy
 Lufthansa6.881↑ Buy
 Siemens AG116.69↑ Buy
 Deutsche Bank AG9.579↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,847
SJC HCM6,825/ 6,925
(0/ 0) # 1,842
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,844
SJC Danang6,825/ 6,927
(0/ 0) # 1,844
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,844
SJC Cantho6,825/ 6,927
(0/ 0) # 1,844
Cập nhật 18-05-2022 14:09:22
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Cập nhật lúc 14:02:16 18/05/2022
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