HANOI, May 19 (Reuters) - Copper prices fell on Wednesday on potential supply increases from Glencore’s Mutanda mine, which could restart as soon as next year.
Commodity trader and miner Glencore, one of the world’s largest copper producers and leading cobalt producers, plans to restart operations at Mutanda in the Democratic Republic of Congo in 2022, a source with direct knowledge of the matter told Reuters.
The move could potentially cap further gains in the metal, which hit a record high last week.
Three-month copper on the London Metal Exchange fell 0.6% to $10,341 a tonne by 0313 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange lost 1% to 74,830 yuan ($11,640.35) a tonne.
* LME aluminium fell 0.5% to $2,464.50 a tonne and zinc declined 0.7% to $3,036 a tonne, while ShFE aluminium was down 1% at 19,535 yuan a tonne and ShFE lead advanced 1.% to 15,560 yuan a tonne.
* LME cash copper traded at a discount of $28.75-a-tonne to the three-month contract, its biggest discount since June 2020, indicating rising availability of nearby supplies.
* Global demand for copper is seen rising 3.3% in 2022, leading to a mostly balanced market after an expected shortfall of half a million tonnes this year, the International Wrought Copper Council said.
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* Asian stocks dipped and cryptocurrencies extended losses as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.
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$1 = 6.4285 yuan Reporting by Mai Nguyen; Editing by Subhranshu Sahu