METALS-London copper rises further, other metals mixed

Updates prices

By Violet Li and Mei Mei Chu

SHANGHAI, Dec 30 (Reuters) - London copper rose further on Monday, helped by tight supply of copper concentrate, while other base metals were broadly mixed, with a stronger dollar making the greenback-priced commodities more expensive for holders of other currencies.

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 rose 0.1% to $8,988 per metric ton by 0702 GMT, rebounding further from a five-week low hit on Dec. 19.

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 0.1% to 74,270 yuan ($10,175.23) a ton by the close of Asia afternoon 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 $2,550 a ton, nickel CMNI3 edged up 1.1% to $15,475, zinc CMZN3 gained 0.5% to $3,048, tin CMSN3 was up 1.2% at $29,160, while lead CMPB3 was 0.8% lower at $1,953.

SHFE aluminium SAFcv1 slipped 0.1% to 19,805 yuan a ton, nickel SNIcv1 fell 0.9% to 124,820 yuan, zinc SZNcv1 was relatively unchanged at 25,325 yuan, lead SPBcv1 slid 1.6% to 16,795 yuan, and tin SSNcv1 edged up 0.9% at 246,850 yuan.

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($1 = 7.2991 yuan)

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

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

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