METALS-Copper inches up on tight global supplies, China COVID cases weigh [Reuters]
Freeport-McMoRan, Inc. (FCX)
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Source: Reuters
Investors also awaited more clues on U.S. interest rates ahead of the minutes of the last Federal Reserve meeting, due at 1900 GMT. Three-month copper on the London Metal Exchange was up 0.2% at $8,028 a tonne by 0842 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange closed day-time trade 0.4% higher at 64,890 yuan a tonne. “Stock levels are currently very low. Equivalent to, on a global basis, around 2 days of demand. On an ex-China basis, just under a week's demand,” Paul White, secretary general at International Copper Study Group, told the CRU World Copper Conference Asia. “Normally we would expect stock levels to be around a month of demand.” The low inventories in China drove prices of refined copper up 144 yuan to 65,214 yuan a tonne on Wednesday, according to information provider Mysteel. China reported 29,157 new COVID-19 infections for Nov. 22, a new high in more than seven months. Large cities including Beijing, Shanghai and Gua
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