China’s low copper inventory data belie sufficient supply

Possible sanctions on Russian metal, lawsuits, a battle to recover trust and a slump in nickel trading after the March fiasco are just some of the headwinds facing the LME.

Advisory firm recommended Turquoise Hill shareholders vote for Rio Tinto’s cash offer to acquire 49% of the shares it doesn’t own for C$43 a share.

Demand for the metal -- which is widely viewed as an economic barometer -- will drop 2.3% in 2022, bucking an April outlook for a small increase.

Iron ore prices dipped on Wednesday after BHP reported higher quarterly output of the steelmaking ingredient, adding to supply-side pressures.

“The market continues to be quite worried about aggressive Federal Reserve monetary tightening,” analyst said.

The amount of available copper in the London Metal Exchange's warehouse network has halved over the last eight days.

Premiums of physical copper sales to China in 2023 are expected to rise to between $150 to $210 per tonne over the benchmark London Metal Exchange price.

Gold will rebound strongly next year, despite higher interest rates, according to a survey of the bullion industry.

A sharp increase in ShFE copper inventories also dented sentiment.