May 23 (Reuters) – Copper prices rose to a more than two-week high on Monday, supported by a weaker U.S. dollar and as plans by top metals consumer China to end COVID-19 lockdowns lifted hopes for a recovery in demand.
FUNDAMENTALS
* Benchmark three-month copper CMCU3 on the London Metal Exchange (LME) was up 0.4% at $9,463 a tonne, as of 0209 GMT, after hitting its highest since May 5 at $9,532 in early Asian trade.
* The most-active June copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.3% to 71,980 yuan ($10,758.06) a tonne, after touching its highest since May 6.
* Shanghai, in its seventh week of lockdown, has been slowly allowing more people to leave their homes in recent days and plans to lift its city-wide lockdown and return to more normal life from June 1.
* The dollar began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on further dollar gains from rising U.S. rates and turned hopeful that loosening lockdowns in China can help global growth. FRX/
* A weaker dollar makes greenback-denominated metals less expensive for buyers using other currencies.
* Last week, China cut its benchmark reference rate for mortgages by an unexpectedly wide margin, as Beijing seeks to revive the ailing housing sector to prop up the economy.
* COLUMN-Another year of lead surplus but not for everybody: Andy Home
* Operations have been suspended at Khoemacau Zone 5 copper and silver mine in Botswana after an underground accident killed two people on Friday, the company said on Saturday.
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.7% from a week ago, the exchange said on Friday.
* Global primary aluminium output in April was unchanged year-on-year at 5.599 million tonnes, data from the International Aluminium Institute showed.
* For the top stories in metals and other news, click TOP/MTL or MET/L
MARKETS NEWS
* Asian stocks came under pressure on Monday as persistent worries about inflation and rising interest rates dogged the global economic outlook and fresh selling in technology stocks weighed on Chinese markets. MKTS/GLOB
DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New May
0800 Germany Ifo Current Conditions New May
0800 Germany Ifo Expectations New May
PRICES Three month LME copper CMCU3
Most active ShFE copper SCFcv1
Three month LME aluminium CMAL3
Most active ShFE aluminium SAFcv1
Three month LME zinc CMZN3
Most active ShFE zinc SZNcv1
Three month LME lead CMPB3
Most active ShFE lead SPBcv1
Three month LME nickel CMNI3
Most active ShFE nickel SNIcv1
Three month LME tin CMSN3 Most active ShFE tin SSNcv1
($1 = 6.6908 yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))
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Read More: METALS-Copper hits over 2-week high on softer dollar, China demand hopes
