May 6, 2020 / 3:27 AM / 23 days ago

METALS-London copper nears 1-week high on prospects of demand recovery

    SINGAPORE, May 6 (Reuters) - London copper prices rose to
their highest in nearly a week on Wednesday, amid hopes of
better demand as countries start to ease coronavirus-induced
restrictions.
    Bench mark three-month copper on the London Metal Exchange
(LME)         was up 0.8% at $5,198 a tonne, as of 0244 GMT,
having hit its highest since April 30 at $5,205 a tonne earlier
in the session.
    The LME contract on Wednesday climbed back to the same level
seen before Chinese traders took a break for their May 1-5
Labour Day holidays.    
    The most-traded June copper contract on the Shanghai Futures
Exchange          eased 0.5% to 42,600 yuan ($6,008.21) a tonne
on its first trading day following the break.
    Some countries have announced plans to gradually remove
restrictions that were imposed to contain the coronavirus
pandemic, and governments around the world have been providing
stimulus programmes to support their ailing economies.
    Copper, used as a gauge of global economic health, has
leaped 19% on the LME since March 19, when the contract hit a
45-month low, on improved demand from top consumer China, supply
shortage worries and hopes for a pick up in global economy.
    LME copper, however, lost 16% so far this year, as demand
for the red metal is still under pressure to what many describe
as a long and bumpy road to recovery ahead. 
    
    FUNDAMENTALS
    * FREEPORT: Freeport-McMoRan Inc         is planning to
reassess operations at a New Mexico copper mine that has been
temporarily shuttered due to the COVID-19, a spokeswoman said.
            
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Shares struggled and the yen gained, with markets in China
faltering on their return from a long holiday as investors
fretted over Sino-U.S. tensions, while oil ended an extended
winning streak on oversupply risks amid weak demand.            
   
        
    DATA/EVENTS (GMT)
    0500   India     HIS Markit Svcs PMI            April
    0600   Germany   Industrial Orders MM           March
    0750   France    Markit Serv, Comp PMIs         April
    0755   Germany   Markit Serv PMI                April
    0755   Germany   Markit Comp Final PMI          April
    0800   EU        Markit Serv, Comp Final PMIs   April
        
    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 = 7.0903 yuan)

 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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