METALS-Copper falls after ICBC suspends some products to new investment

METALS-Copper falls after ICBC suspends some products to new investment

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SINGAPORE, April 28 (Reuters) – Copper prices fell on Tuesday after the Industrial and Commercial Bank of China (ICBC) suspended access for new investors to retail products linked to copper, citing extreme market volatility.

Investors already holding such products, which include copper and crude oil, among others, will not be able to add to their positions from Tuesday, but existing positions can be traded as normal, the bank said on Monday.

The move comes after the China Banking and Insurance Regulatory Commission asked commercial banks to halt new sales of products that might lead to unlimited losses in the backdrop of heavy losses recorded in a crude oil futures trading product sold by Bank of China .

The most-traded June copper contract on the Shanghai Futures Exchange (ShFE) fell 0.8% to 42,240 yuan ($5,959.03) a tonne by 0223 GMT. Three-month copper on the London Metal Exchange (LME) declined 0.3% to $5,180 a tonne.

FUNDAMENTALS

* OTHER PRICES: ShFE nickel fell 2.1% to 100,180 yuan a tonne, tin dropped 1.1% to 131,180 yuan a tonne, zinc eased 0.4% to 16,060 yuan a tonne, while aluminium edged up 0.8% to 12,465 yuan a tonne.

* LME PRICES: London aluminium rose 0.5% to $1,515 a tonne, nickel fell 0.7% to $12,160 a tonne, zinc edged up 0.3% to $1,910 a tonne and lead climbed 1% to $1,651 a tonne.

* FREEPORT: Freeport-McMoRan’s El Abra copper mine in Chile said on Monday it would scale back copper processing by 40% and lay off workers as global prices for the red metal plunge amid the coronavirus pandemic.

* ANTAMINA: Peruvian copper mine Antamina, owned by global miners BHP and Glencore, on Monday reported 210 cases infected with the novel coronavirus.

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MARKETS NEWS

* Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.

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