METALS-Copper rangebound as investors wait for fresh catalysts

Jan 20 (Reuters) - Copper was rangebound on Tuesday, as investors awaited fresh catalysts to push the price to break through in either direction.

The most-active copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.35% to 101,000 yuan ($14,509.62) a metric ton as of 0330 GMT.

The benchmark three-month copper on the London Metal Exchange CMCU3 dropped 0.50% to $12,901 a ton, still hovering below $13,000 level.

The rebound in London copper on Monday lost steam as investors remained cautious in the midst of geopolitical risks, favouring safe-haven assets such as gold XAU=, which is holding near record high.

The Monday rebound was supported by a weaker dollar after U.S. President Donald Trump threatened additional tariffs as part of his push to take over Greenland, while data revealed China's economy showed resilience by hitting its growth target in 2025.

Copper was the best performer among base metals last year, gaining more than 41% in London and 33% in Shanghai in a record-setting rally.

Elsewhere in the base metals market, Indonesia's nickel policy remained in focus.

Nickel miner PT Vale Indonesia said on Monday that the mining production quota it received will likely be insufficient to meet demand from the smelters in its pipeline for this year.

This came after Indonesian government last week said it might approve a quota of around 260 million tons for nickel ore production in 2026, which was seen as a reduction from the volume was approved in 2025 and would fall short of demand.

The most-traded nickel contract SNIcv1 pulled back after rising 2.36% to 144,180 yuan a ton, only posting a 0.08% gain.

The benchmark three-month nickel CMNI3 lost 1.45% to $17,870 a ton.

Elsewhere among SHFE base metals, aluminium SAFcv1 dipped 0.31%, zinc SZNcv1 lost 0.45%, lead SPBcv1 dropped 0.32% and tin SSNcv1 gained 2.26%.

Among other LME metals, aluminium CMAL3 dropped 0.78%, zinc CMZN3 nudged 0.14% lower, lead CMPB3 dipped 0.27% and tin CMSN3 was little changed.

Tuesday, January 20

DATA/EVENTS (GMT)

0700 UK ILO Unemployment Rate Nov

0700 UK HMRC Payrolls Change Dec

1000 Germany ZEW Economic Sentiment Jan

1000 Germany ZEW Current Conditions Jan

($1 = 6.9609 Chinese yuan renminbi)