Copper prices on Thursday slipped from a near one-week high hit in the previous session, as top consumer China stayed away from the market due to a major holiday.
Three-month copper on the London Metal Exchange fell 0.5% to $6,645.50 a tonne by 0341 GMT. The contract touched its highest since Oct. 1 on Wednesday at $6,710 a tonne on expectations of improving growth and robust demand.
“Essentially there’s no whale in Asia to buy it back to the level it should fundamentally be at, so it only rises back during London hours,” said a Singapore-based metals trader, adding that copper should be above $6,700 to $6,800 a tonne.
The Chinese markets will reopen on Friday after being shut for public holidays during Oct. 1 to 8.
“Prices will get a jolt again if there are strikes in Chile,” the trader added.
Copper prices have been supported recently by concern over potential strikes in Chile, the world’s biggest producer of the metal.
FUNDAMENTALS
* LME aluminum rose 0.3% to $1,788.50 a tonne, nickel eased 0.1% to $14,585 a tonne, zinc advanced 0.5% to $2,368.50 a tonne while lead fell 0.4% to $1,796 a tonne.
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MARKETS NEWS
* A gauge of Asian shares climbed to a one-month high, as renewed hopes for more U.S. stimulus helped restore investor confidence with markets now pricing in a Democratic victory during elections in November.
DATA/EVENTS (GMT)
1230 US Initial Jobless Clm Weekly
PRICES
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