METALS-Copper rises on China buying pre-holiday
COPX•Other LME and SHFE metals move mixed
Among LME metals, aluminium CMAL3 added 0.29%, zinc CMZN3 dipped 0.24%, lead CMPB3 dipped 0.15%, nickel CMNI3 gained 0.72% and tin CMSN3 ticked 0.09% higher.
On the SHFE, aluminium SAFcv1 dipped 0.27%, zinc SZNcv1 lost 0.6%, lead SPBcv1 added 0.18%, nickel SNIcv1 gained 0.97% and tin SSNcv1 added 0.47%.
($1 = 6.6997 Chinese yuan renminbi)
Copper rises on China buying and low inventories
Copper prices rose on Tuesday, as strong demand in top consumer China pushed the metal back towards its record high.
Benchmark three-month copper CMCU3 on the London Metal Exchange was up 0.4% at $14,720 a metric ton by 0700 GMT, rising for a sixth straight session.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 rose 1.24% to 111,320 yuan ($16,615.67) a ton, also helped by renewed speculative support.
"Chinese are buying ahead of holidays and smelter shutdowns," Sandeep Daga, head of research at Metal Intelligence Centre, said. The country's upcoming holidays are on September 25 to 27 and from October 1 to 7.
The Yangshan copper premium SMM-CUYP-CN, a gauge of Chinese appetite for imported copper, fell to $119 a ton on Monday, but was still 65% above the start of the month.
Low inventories in China are also supporting prices. "Chinese inventories are quite low as import and output fell together," Daga said.
Traders watch Trump-Xi meeting and tariff outlook
Traders were awaiting a meeting between US President Donald Trump and Chinese President Xi Jinping later this week for signals on trade ties and the global economic outlook.
