METALS-Copper eases, aluminium up on fundamental support

By Hongmei Li

SINGAPORE, June 13 (Reuters) - Copper prices edged lower on Friday as market optimism waned after the U.S.-China trade talks, while aluminium on the Shanghai Futures Exchange and London Metal Exchange rose on consistent support from lower stocks.

The SHFE most-traded aluminium contract SAFcv1 gained for the third straight day, up 0.7% to 20,490 yuan per metric ton, while the LME three-month aluminium CMAL3, which has gained since June 9, was up 0.3% to $2,525.5 a ton by 0107 GMT, outperforming other metals.

"Aluminium, compared with the other metals, has been performing rather strongly recently, as demand from the domestic market has been robust, and SHFE stocks have been declining," a Hangzhou-based analyst from a futures company said.

Copper prices have been narrowly rangebound, as high premiums on the COMEX and LME in anticipation of possible U.S. tariffs on copper imports have kept shipments of the red metal flowing to the U.S. and lending support, she said.

Aluminium stocks AL-STX-SGH in SHFE warehouses fell to 118,165 tons in the week ended June 6, the lowest since February 2024.

Aluminium stocks MALSTX-TOTAL in LME-registered warehouses fell to 355,600 tons by June 11, the lowest since October 2022.

LME copper CMCU3 fell 0.3% to $9,673.5 a ton, down 0.2% on the week, and SHFE copper SCFcv1 ticked down 0.1% to 78,610 yuan a ton, down 0.3% this week.

The premium of U.S. COMEX copper futures HGc2 over LME copper was $946 a ton.

LME lead CMPB3 fell 0.2% to $1,992.5 and nickel CMNI3 dipped 0.1% to $15,135.

SHFE lead SPBcv1 gained 0.3% to 16,945 yuan a ton, while nickel SNIcv1 fell 0.4% to 120,030 yuan, and zinc SZNcv1 was down 0.2% to 22,020 yuan.