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METALS-Copper prices fall after hitting two-year high
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METALS-Copper prices fall after hitting two-year high
Apr 30, 2024 5:51 AM

(Updates with official prices)

By Polina Devitt

LONDON, April 30 (Reuters) - Copper prices in London

fell on Tuesday after four sessions of gains, retreating on

slower manufacturing activity growth in top consumer China but

still poised for the largest monthly jump in more than three

years owing to supply concerns.

Benchmark copper on the London Metal Exchange (LME)

was down 0.6% at $10,070.50 a metric ton in official open-outcry

trading after touching a two-year high of $10,208.

Copper is the only LME base metal maintaining usual turnover

levels in otherwise thin trading, with the Shanghai Futures

Exchange closing for a public holiday over May 1-5, said

Alastair Munro at broker Marex.

"Cocoa's 15% plunge yesterday and the recent corrections in

gold and oil are worthy reminders that we can't just go up in a

straight line," he added

Copper prices are on track for a 13% gain this month, their

biggest since February 2021, after BHP Group's ( BHP ) bid for

Anglo American focused attention on future supply

tightness from rising demand for energy transition and

artificial intelligence.

However, concerns remain over current Chinese demand

with little sign yet of tight supplies. The global

copper market is expected to be in surplus this year and in

2025, the International Copper Study Group said on Monday.

Aluminium fell 0.6% to $2,575.5 a ton, shrugging off

daily data showing that available stocks in LME-registered

warehouses dropped to 131,875 tons, the lowest in

at least 26 years, with 21,500 tons marked to be sent out.

Inventories of the metal have been subject to so-called rent

share deals in April, sources said this month, with traders

taking Russian-made aluminium from the warehouses and returning

it at a later date.

In other metals, zinc lost 0.4% to $2,930.50 a ton,

lead slipped 0.5% to $2,220, tin was down 1.4%

at $32,100 and nickel edged up 0.1% to $19,160.

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