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Shanghai copper hits near six-week low on policy tightening worry

06/03/2021 | 10:00pm EDT

HANOI, June 4 (Reuters) - Shanghai copper prices fell to their lowest in nearly six weeks on Friday and they were on track for a weekly decline, as upbeat U.S. jobs data fuelled fears of policy tightening.

The most-traded July copper contract on the Shanghai Futures Exchange dropped as much as 3.6% to 70,470 yuan ($11,004.75) a tonne, the lowest since April 26.

Three-month copper on the London Metal Exchange rebounded 0.4% to $9,825 a tonne by 0131 GMT, having tumbled as much as 3.8% in the previous session. The contract was down 4.3% on a weekly basis, on track for the biggest weekly fall since September 2020.

The number of Americans filing new claims for unemployment benefits dropped below 400,000 last week for the first time since the COVID-19 pandemic started more than a year ago, pointing to strengthening labor market conditions.

FUNDAMENTALS

* LME nickel fell 0.5% to $17,800 a tonne, lead declined 0.5% to $2,163 a tonne while ShFE nickel shed 2.5% to 130,570 yuan a tonne, ShFE zinc dropped 2.6% to 22,395 yuan a tonne.

* Output of primary aluminium in China will increase until 2024, after which secondary, or recycled metal will start to claim a bigger share of plateauing consumption, state-backed research house Antaike said.

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

MARKETS NEWS

* The dollar was perched near multi-week highs, basking in its biggest gains in about a month after robust jobs data threw investors' focus on to the strength of the U.S. recovery and on the possibility of it driving policy tightening.

DATA/EVENTS (GMT)

1230 US Non-Farm Payrolls May

1230 US Unemployment Rate May

1230 US Average Earnings YY May

1400 US Factory Orders MM April

($1 = 6.4036 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) 0.06% 1.3906 Delayed Quote.2.12%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.05% 0.8013 Delayed Quote.2.23%
EURO / US DOLLAR (EUR/USD) -0.01% 1.1867 Delayed Quote.-2.65%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013452 Delayed Quote.-1.63%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.04% 0.6971 Delayed Quote.-2.36%
S&P GSCI ALUMINUM INDEX -1.18% 164.9923 Delayed Quote.31.39%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.452 Delayed Quote.-0.66%
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