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* GRAPHIC-2021 asset returns: tmsnrt.rs/2jvdmXl (updates throughout, date changes in LONDON)
LONDON, Oct. 8 (Reuters) – Copper prices were flat on Friday as concerns about the impact of rising prices on global growth were offset by low stocks in exchange warehouses, indicating solid demand.
Benchmark copper on the London Metal Exchange (LME) fell 0.2% to $ 9,248 a tonne at 10:53 a.m. GMT, but the metal widely regarded as an indicator of global economic health remained in good shape way for a weekly gain.
The market’s attention turns to non-farm wages later in the day after a week of worry over the economic impact of surging energy prices and the prospect of faster-than-ever interest rate hikes. planned to fight inflation.
“The only cloud hovering over copper is a degradation of the macro image, but the supply situation is so tight and it is preventing the price of copper from going down,” said Gianclaudio Torlizzi, partner of the firm of T-Commodity advice.
Stocks in foreign exchange warehouses increased but remained at low levels. Weekly copper inventory data for warehouses monitored by the Shanghai Futures Exchange showed an increase for the first time in eight weeks, rising 15% to 50,062 tonnes but still hovering around 2009 lows. CU-STX-SGH
In warehouses registered with the LME, stocks under mandate rose 3.7% to 85,875 tonnes, close to their lowest since May. MCUTX-TOTAL
EVERGRANDE: Another concern for the copper market is the potential contagion from the financial difficulties of Chinese real estate developer Evergrande. The Chinese real estate sector is a heavy consumer of copper.
“Recent developments in Chinese real estate markets and the likely impact of the energy crisis on Chinese economic activity are clear reasons to believe that demand for copper will be weaker in the near term than expected,” analysts said. Jefferies.
However, copper stocks on world exchanges have been down 23% since the end of August and the price of copper has remained stable during this period, analysts said.
OTHER METALS: Aluminum LME fell 1% to $ 2,918 per tonne, zinc added 1.3% to $ 3,090, lead rose 0.8% to $ 2,191, tin increased rose 1.1% to $ 35,700 and nickel fell 2.9% to $ 18,795. (Reporting by Zandi Shabalala Additional reporting by Mai Nguyen in Hanoi Editing by David Goodman)
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