Metals trade mixed, firmer dollar weighs on market

Updates prices

By Violet Li and Mei Mei Chu

SHANGHAI, Dec 30 (Reuters) - Base metals were broadly mixed on Monday, with a stronger U.S. dollar making it more expensive for holders of other currencies to buy greenback-priced commodities.

Rising U.S. Treasury yields have been a boost for the dollar, with the key 10-year note US10YT=RR hitting a more than seven-month high last week.

Three-month copper on the London Metal Exchange (LME) CMCU3 inched up 0.1% to $8,989.5 per metric ton by 0330 GMT, supported by tightness in copper concentrate supply.

China's top copper smelters agreed on price guidance for copper concentrate processing treatment and refining charges in the first quarter of 2025 that was lower than this quarter's guidance, reflecting a lingering shortage of copper concentrate.

"Copper prices fluctuate as the year-end approaches. Many businesses are busy with closing trade books, and spot trades are thin," analysts at Galaxy Futures said in a note.

The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 slid 0.2% to 74,210 yuan ($10,167.29)a ton by the close of Asia morning trade.

On a week-on-week basis, copper inventories in SHFE warehouses climbed 4.7% to 74,172 tons on Dec. 27. However, the level was the lowest seen in the past 10 months.

LME aluminium CMAl3 slid 0.3% to $2,548 a ton, nickel CMNI3 edged up 0.1% to $15,450, zinc CMZN3 gained 0.4% to $3,053.5, tin CMSN3 was up 0.1% at $29,200, while lead CMPB3 was 0.3% lower at $1,960.

SHFE aluminium SAFcv1 slipped 0.1% to 19,780 yuan a ton, nickel SNIcv1 fell 0.9% to 124,850 yuan, zinc SZNcv1 gained 0.1% to 25,345 yuan, lead SPBcv1 slid 1.6% to 16,780 yuan, and tin SSNcv1 edged up 0.1% at 247,190 yuan.

For the top stories in metals and other news, click TOP/MTL or MET/L

($1 = 7.2989 Chinese yuan renminbi)

(Reporting by Violet Li and Mei Mei Chu; Editing by Subhranshu Sahu and Varun H K)

((Violet.Li@thomsonreuters.com;))

For related news and prices, click on the codes in brackets:
LME price overview RING= COMEX copper futures 0#HG:
All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX