Industrial metals rise on easing of China’s COVID restrictions

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Industrial metals prices rose on Tuesday as optimism over the end of the lockdown in China, its top consumer, raised prospects of strong demand, while a slight decline in the dollar added to the optimistic mood.


* Three-month benchmark copper on the London Metal Exchange (LME) was up 0.9% to $9,320 a tonne as of 0204 GMT.

* The most active copper contract in June on the Shanghai Futures Exchange rose 0.8% to 71,700 yuan ($10,592.56).

* Shanghai on Monday laid out plans to end a painful COVID-19 lockdown that has lasted more than six weeks and severely hurt China’s economy, and return to more normal life from June 1.

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* The dollar was down for the second consecutive day, retreating from a 20-year high last week. A weaker dollar makes greenback-denominated metals cheaper for buyers using other currencies.

* Aluminum inventories in LME stockpiles, already at their lowest level in almost 17 years, are likely to fall further in the coming days and weeks as more metal exits the LME system and heads to Europe where supplies are tight .

* COLUMN – Success at European Smelters Means Another Year of Zinc Deficiency: Andy Home

* The European Central Bank is expected to hike the deposit rate in July for the first time in over a decade and pull it out of negative territory at its next meeting in September, despite a 30 percent chance of a recession within a year, a Reuters poll revealed among economists.

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* Click or for the top stories in metals and other news


* Asian stocks rose on Tuesday despite data worrying investors the global economic recovery could be weaker than expected, even if inflationary pressures remain elevated.


0600 UK Claimant Count Unem Chng Apr

0600 UK ILO unemployment rate Mar

0900 EU GDP flash estimate QQ/YY Q1

1230 US Retail Sales MM Apr

1315 US Industrial Production MM Apr


Three months of LME copper

Most active ShFE copper

Three months LME aluminum

Most active ShFE aluminum

Three months of LME zinc

Most active ShFE zinc

Three months LME advance

Most active ShFE lead

Three months LME Nickel

Most active ShFE nickel

Three-month LME can

Most Active ShFE Tin (US$1 = 6.7689 Chinese Yuan Renminbi) (Reported by Brijesh Patel in Bengaluru; Edited by Rashmi Aich)



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