HANOI, Jan 26 (Reuters) - Copper prices edged down on Tuesday, hit by uncertainties about the outcome of a $1.9 trillion U.S. stimulus package proposed by new President Joe Biden, which is expected to boost demand for metals.
Three-month copper on the London Metal Exchange fell 0.6% to $7,925.50 a tonne by 0730 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange ended down 0.6% to 58,470 yuan ($9,030.53) a tonne.
Biden is pushing for a sweeping pandemic relief proposal, but Democratic Majority Leader Chuck Schumer warned a comprehensive deal may be four to six weeks away, as many Republicans have balked at the price tag.
“Copper traded sideways... with investors waiting for further catalysts to take the price out of its recent range,” said Anna Stablum, commodities broker at Marex Spectron in a note, adding that a firm dollar and rising worries about delays in the roll-out of COVID-19 vaccines also dampened prices.
* China, the world’s top metals consumer, reported a fall in new COVID-19 infections, official data showed.
* LME cash aluminium was at a $8.33-a-tonne premium over the three-month contract CMAL0-3, a level unseen since December 2019, indicating tight nearby supplies.
* ShFE tin hit a record high of 173,070 yuan a tonne and tin rose 0.4% to $22,545 a tonne, hovering around its highest since 2014, as tight supplies and firm demand supported prices.
* LME nickel fell 0.6% to $18,150 a tonne and ShFE aluminium dropped 0.8% to 14,845 yuan a tonne, while nickel dipped 0.6% to 134,000 yuan a tonne.
