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Industrial Metals Steady During Lunar New Year Holiday.

commodities :: 13hrs ago :: source - bloomberg

By Jessica Zhou and Jack Ryan

(Bloomberg) -- Industrial metals had a subdued start to the week, with many Asian traders offline for the Lunar New Year break, and the US also closed.

Copper was little changed below $12,900 a ton in London, consolidating after recent volatility. Aluminum steadied after declining on Friday following a report US President Donald Trump may narrow the scope of import tariffs.

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Near-record prices have chilled industrial demand for metals like copper in China, the world’s biggest buyer. As manufacturers pull back on orders for metal, exchange inventories have been rising, helping to replenish reserves after large volumes were drawn into the US in anticipation of tariffs.

Readily available copper inventories tracked by the London Metal Exchange rose again on Monday, bringing total stocks at exchanges in Shanghai, London and New York further above a million tons, the highest since 2003.


The LMEX Index that tracks the main six metals traded in London hit a record last month on a wave of Chinese buying, coupled with a weaker US dollar. Since then, the index has backtracked slightly, as traders await fresh catalysts, including on US tariffs and the outlook for Federal Reserve monetary policy.

Copper futures were steady at $12,870 a ton at 10:24 a.m. in London, while aluminum was flat at $3,076 a ton after losing as much as 2.7% on Friday. Tin fell 1.8%

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