Copper heads for weekly rise despite Mideast pullback
XLB•Other base metals mostly mixed on LME and SHFE
Among other LME metals, aluminium CMAL3 lost 0.39%, zinc CMZN3 was little changed, up only 0.04%, lead CMPB3 dipped 0.32%, nickel CMNI3 gained 1.06% and tin CMSN3 gained 0.5%.
Elsewhere on SHFE, aluminium SAFcv1 dipped 0.26%, zinc SZNcv1 dipped 0.12%, lead SPBcv1 lost 0.82%, nickel SNIcv1 gained 1.03% and tin SSNcv1 lost 0.84%.
China demand gauge eases and LME warehouse stocks stabilize
The Yangshan copper premium SMM-CUYP-CN, a gauge of interest in importing metal to the largest consumer China, came off a multi-year high in the previous session.
And on the supply side, available stocks in LME-registered warehouses MCUSTX-TOTAL were stable on Thursday for the first time since a spree of warrant cancellations - which show metal marked for withdrawal - kicked off two weeks ago.
"After consecutive days of withdrawal requests, LME warehouses reported a re-warranting yesterday. This cautioned buyers," Daga said.
Copper holds weekly gains despite pullback from midweek highs
Copper was set to end the week higher despite coming off midweek highs, with an escalation in the Middle East war worsening inflation fears and weighing on the macroeconomic outlook for the global economy.
Benchmark three-month copper CMCU3 on the London Metal Exchange held firm, adding 0.35% at $13,642.50 a metric ton by 0700 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 fell 1.19% at 104,750 yuan ($15,461.03) a ton.
Prices are up 0.88% on the LME and 1.6% on the SHFE since the start of the week, but down from their midweek peaks when the metal rallied, supported by demand hopes, pressure on inventories, and supply concerns.
