PHOTO
Copper prices were range-bound on Thursday after inventories in U.S. Comex-approved warehouses rose above 500,000 metric tons for the first time amid lingering tariff concerns.
The most-active copper contract on the Shanghai Futures Exchange nudged up 0.07% to 100,490 yuan ($14,433.03) a metric ton as of 0255 GMT.
Meanwhile, the benchmark three-month copper on the London Metal Exchange ticked 0.11% higher to $12.824.50 a ton.
Copper stocks on the United States Comex exchange rose to 554,904 short tons, or 503,400 metric tons, as of January 20.
The Comex copper price is on the decline, with its arbitrage against the LME copper fading. The LME copper stock has been rising in the U.S. warehouse system in New Orleans .
LME copper has flipped above Comex, sending the metal back to LME warehouses and lifting stocks, and the market is easing from tight to more balanced conditions, reducing the urgency behind the rally, analysts at Sucden Financials said in a note.
Copper was still supported by supply concerns due to mine disruptions and the tariff-driven inflows to the U.S., but demand amid high prices has been in question.
U.S. President Donald Trump, meanwhile, said on Wednesday that he would back down from Greenland-related tariffs on European allies, a de-escalation that pulled back gold from record peak and sent U.S. equities higher.
Elsewhere, among SHFE base metals, aluminium nudged 0.08% higher, zinc rose 0.25%, lead was unchanged, nickel climbed 0.38% and tin gained 1.29%.
Among other LME metals, aluminium ticked 0.03% lower, nickel dipped 0.45%, tin dropped 0.42%, zinc rose 0.35% and lead gained 0.20%.
Thursday, January 22 DATA/EVENTS (GMT) 0500 Japan Chain Store Sales YY Dec 1330 US GDP Final Q3 1330 US Initial Jobless Clm 17 Jan, w/e 1500 US Consumption, Adjusted MM Nov 1500 US Core PCE Price Index MM Nov 1500 US Core PCE Price Index YY Nov 1500 US PCE Price Index MM Nov 1500 US PCE Price Index YY Nov ($1 = 6.9625 Chinese yuan) (Reporting by Lewis Jackson and Dylan Duan; Editing by Eileen Soreng)
