Shanghai metals mostly decline in thin trade; LME closed for holidays


December 27 (Reuters) – Base metals in China were mostly down in restricted trade on Monday, with the London Metal Exchange shutting down for the Christmas holidays and uncertainty around the Omicron COVID-19 variant mitigating the feeling of risk.

Analysts expect metal prices to remain mostly in a range for the remainder of the year, as many investors have taken a break until after the New Years holiday.

Caution also prevailed as market participants waited for further clues as to how the fast-spreading Omicron variant would affect global demand.

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The LME will also remain closed on Tuesday, for Boxing Day.

* The most-traded February aluminum contract on the Shanghai Futures Exchange was down 1.2% to 19,920 yuan ($ 3,127.40) per tonne, at 2:55 a.m. GMT, extending its losses after peaking seven weeks on December 23.

* Chinese industrial company profits rose at a much slower pace in November, official data showed on Monday, under pressure from falling prices for some commodities, a faltering real estate market and demand from lower consumers. Read more

* The Omicron variant resulted in the cancellation of thousands of flights in the United States as COVID-19 reduced the number of available crews, while several cruise ships had to cancel stopovers after epidemics on board. Read more

* A Japanese aluminum buyer has agreed to pay a global producer a premium of $ 177 per tonne over the benchmark price for January-March shipments, down 20% from the current quarter, said Friday two sources directly involved in the price negotiations.

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* Asian stock markets were generally weaker with US crude in trade thinned out on Monday, as uncertainty over the economic impact of the Omicron variant weighed on investor sentiment. Read more

PRICES Copper LME 3 months

Most active ShFE copper

Three-month LME aluminum

Most active ShFE aluminum

Zinc LME 3 months

Most active Zinc ShFE

Three-month LME leader

Most active ShFE manager

Three months LME nickel

Most Active Nickel ShFE

Three-month LME tin Most active ShFE tin

ARBS

($ 1 = 6.3695 yuan)

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Report by Enrico Dela Cruz in Manila; Editing by Devika Syamnath

Our Standards: Thomson Reuters Trust Principles.


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