Copper and aluminum prices rose on Wednesday, helped by a slight pullback in the dollar, with investors awaiting U.S. inflation data due later in the day that could have an impact on the Federal Reserve’s policy stance.
* Benchmark three-month copper on the London Metal Exchange (LME) was up 1% at $9,321 a tonne, as of 0214 GMT, after falling to its lowest since Dec. 15 on Tuesday.
* LME aluminum rose 1.1% at $2,785 a tonne, after dropping to a near five-month low in the previous session.
* The most-active June copper contract on the Shanghai Futures Exchange was up 0.3% at 71,641 yuan ($10,666.42).
* China’s producer prices rose at the slowest pace in a year in April, despite a surge in global commodity prices, leaving room for more stimulus to shore up the flagging economy, which faces pressure from heavy COVID-19 curbs.
* Peru’s government on Tuesday failed to reach an agreement with a group of indigenous communities whose protests have halted operations at MMG Ltd’s massive Las Bambas copper mine.
* The dollar eased 0.1% after scaling a 20-year high in the previous session, making greenback-denominated metals less expensive for buyers using other currencies.
* Analysts expect the U.S. consumer price index to show a sharp pullback in monthly growth, cooling to 0.2% in April from 1.2% in March.
* COLUMN-Bear funds flex muscles on copper as macro outlook darkens: Andy Home.
* China’s April copper cathode output fell on both a monthly and annual basis, state-backed research house Antaike said on Tuesday, as maintenance and the COVID-19 outbreak in the country curbed smelters from producing more metal.
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* Asian shares were languishing at a near two-year low and the dollar held steady ahead of closely watched U.S. inflation data.
0600 Germany HICP Final YY April
1230 US CPI MM, SA April
Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
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 ($1 = 6.7165 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru;)