HANOI, Jan 26 (Reuters) - Copper prices edged up on Tuesday, as investors awaited cues to the prospects of a U.S. stimulus package proposed by President Joe Biden that is worth $1.9 trillion.
Three-month copper on the London Metal Exchange edged up 0.1% to $7,973 a tonne by 0315 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange was almost flat at 58,810 yuan ($9,087.68) a tonne.
Biden is pushing for a sweeping pandemic relief proposal, but Democratic Majority Leader Chuck Schumer warned a comprehensive deal may be four to six weeks away, as many U.S. Republicans have balked at the price tag.
FUNDAMENTALS
* China, the world’s top metals consumer, reported a fall in new COVID-19 infections, official data showed.
* LME cash aluminium was at a $8.33-a-tonne premium over the three-month contract, a level unseen since December 2019, indicating tight nearby supplies.
* LME cash aluminium was at a $8.33-a-tonne premium over the three-month contract, a level unseen since December 2019, indicating tight nearby supplies.
* ShFE tin hit a record high of 173,070 yuan a tonne and tin advanced 1.1% to $22,705 a tonne, hovering around its highest since 2014, as tight supplies supported prices.
* LME nickel rose 0.5% to $18,340 a tonne and ShFE aluminium dropped 0.9% to 14,825 yuan a tonne while nickel rose 0.7% to 135,800 yuan a tonne.
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MARKETS NEWS
* Asian stocks dipped, retreating from record highs as lingering concerns about potential roadblocks to the Biden administration’s stimulus weighed on sentiment, dragging U.S. Treasury yields to three-weeks lows.
DATA/EVENTS (GMT)
0700 UK Claimant Count Unemployment Dec
0700 UK ILO Unemployment Rate Nov
1200 Brazil IPCA-15 Mid-Month CPI Jan
1500 US Consumer Confidence Jan
1600 Russia Industrial Output Dec
-- US U.S. Federal Reserve’s Federal Open Market
Committee starts its two-day meeting on
interest rates
$1=6.4714 yuan
Reporting by Mai Nguyen; Editing by Rashmi Aich
Source: Reuters