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London copper rises as dollar retreats; Shanghai copper falls

07/08/2021 | 10:54pm EDT

July 9 (Reuters) - London copper prices ticked up on Friday, as the U.S. dollar pulled back from a three-month high, but the metal struggled to widen gains amid doubts about the pace of the global economic recovery.

Three-month copper on the London Metal Exchange was up 0.2% at $9,339.50 a tonne by 0222 GMT, after a 1.4% drop in the previous session.

The most-traded August copper contract on the Shanghai Futures Exchange shed 0.7% to 68,550 yuan ($10,565.66) a tonne.

The rapid spread of the highly-contagious Delta variant of COVID-19 in many countries has raised concerns that the global economic rebound might be derailed, dampening expectations for metals demand.

FUNDAMENTALS

* China's factory gate prices rose at a slightly slower pace in June, in line with expectations, while consumer inflation also eased.

* A weaker dollar, which retreated from a three-month peak against its rivals, makes greenback-priced metals cheaper to holders of other currencies.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares hit two-month lows and were set for their worst weekly performance since February, as confidence took a beating over the global spread of the Delta variant.

DATA/EVENTS (GMT)

0130 China PPI, CPI YY June

0600 UK GDP Est 3M/3M May

0600 UK GDP Estimate MM, YY May

0600 UK Manufacturing Output MM

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 (Reporting by Enrico Dela Cruz in Manila; editing by Uttaresh.V)


ę Reuters 2021
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