METALS-Copper eases, SHFE aluminium up on fundamental support

By Hongmei Li

SINGAPORE, June 13 (Reuters) - Copper prices fell on Friday on easing optimism after a U.S.-China trade deal, while aluminium on the Shanghai Futures Exchange rose on support from lower inventories.

The SHFE most-traded aluminium contract SAFcv1 gained for the third straight day, up 0.5% at 20,440 yuan per metric ton ($2,846.28) by 0719 GMT, outperforming other SHFE metals. LME three-month aluminium CMAL3, which had risen since June 9, eased 0.6% to $2,502.5 a ton.

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

Copper prices dipped on Friday, while for SHFE copper at least, it was not due to Iran-Israel tensions, but more to do with a U.S. announcement that a range of home appliances would be subject to expanded U.S. steel import tariffs, starting June 23, she said.

High premiums on the COMEX and LME on potential U.S. copper import tariffs will continue to support prices, the analyst added.

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

LME copper CMCU3 fell 0.9% to $9,611 a ton, down 0.9% on the week, and SHFE copper SCFcv1 dropped 0.9% to 78,010 yuan, down 0.5% this week.

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

LME zinc CMZN3 fell 1.3% to $2,609.5, lead CMPB3 dropped 0.2% to $1,993, nickel CMNI3 dipped 0.2% to $15,120, and tin CMSN3 shed 0.2% to $32,590.

SHFE lead SPBcv1 gained 0.3% to 16,945 yuan a ton on Friday, while zinc SZNcv1 fell 1.1% to 21,815 yuan, nickel SNIcv1 was down 0.5% to 119,920 yuan, and tin fell 0.4% to 263,690 yuan.

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