Hot topics | Coronavirus pandemic

The copper of the new COVID-19 variant fuels slowdown worries

The copper of the new COVID-19 variant fuels slowdown worries

On Friday, London copper prices fell as a newly identified COVID-19 variant in South Africa was discussed and the prospect of rapid US-to-US rate hikes also made a huge concern for a economic slowdown.

The three-month contract on the London Metal Exchange dipped 0.6% to $9,741 a tonne by 0250 GMT. The most-traded January contract with the Shanghai Futures Exchange fell 1.2% to 71,050 yuan ($11,115.63) a tonne.

The South African scientists have detected a new COVID-19 variant in numbers and are trying to understand its potential implications. The new variant revealed that Britain has imposed travel restrictions on South Africa and five neighbouring countries.

A growing number of policymakers were open to speeding up the central bank's tapering program.

Copper is often used to improve the global economic health.


* LME aluminium reduced 0.4% to $2,706.5 a tonne, nickel fell 0.3% at $20,615 a tonne, and lead rose 0.4% higher at $2,280.5.

* LME tin went unchanged on the day, having reached a record peak of $40,680 per tonne on Thursday following tight supply.

This was the first in three to six hundred yuan a tonne. Moreover, as of the end of one month, he lost 0.4% in nickel, compared to 151,550 yuan a tonne, zinc rose to 2,400 yuan a tonne, and the tin has increased its to 286,170 yuan a tonne.

Ayacucho regions say that the government of leftist President Pedro Castillo will resume protests against the mining industry if a signed agreement violates it's signed a deal to shutter mines.

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* The safe-haven yen rallied and the South African rand tumbled on Friday on Friday as investors turned cautious after Britain raised the alarm on a newly identified coronavirus variant spreading in the African nation.

Stocks fell and spread in a weekly margin, while safe haven assets like bonds and the yen rallied as a new virus variant rolled in the famines. In the past two months, some more serious concerns on future and US interest rates added to a rise in the prices of lower interest rates and high market prices.

USD ri yuan ($1 = ri yayan yuan ri) ($1 = 6,319 Chinese yuan)

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