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Shanghai copper prices rose on Thursday as the lifting of COVID-19 restrictions in top metals consumer China buoyed hopes of demand recovery, although a stronger U.S. dollar limited gains.

FUNDAMENTALS

* The most-traded July copper contract in Shanghai was up 0.5% at 71,990 yuan ($10,718.51) a tonne, as of 0159 GMT.

* Trading is expected to be tepid as the London Metal Exchange was closed for a public holiday.

* Shanghai sprung back to life after two months of bitter isolation under a ruthless COVID-19 lockdown, with shops reopening and people going back to offices, parks and markets, hoping to never go through a similar ordeal again.

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* The dollar hit a three-week high against the yen in early trade on Wednesday and was holding firm against other majors, supported by rising U.S. Treasury yields.

* A stronger dollar makes greenback-denominated metals more expensive for buyers using other currencies.

* Chile’s environmental regulator initiated a sanction process against Antofagasta Minerals’ Los Pelambres copper mine for deficiencies associated with tailings management.

* Southern Copper Corp said a fire broke out at its Los Chancas mining project on Tuesday evening, around the same time as another fire started at MMG Ltd’s Las Bambas copper mine, sources said.

* Global copper smelting activity ticked higher in May as a rebound in China offset declines in Europe and elsewhere, data from satellite surveillance of metal processing plants showed on Wednesday.

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* Global copper supply will outpace demand over the next two years, helped by several upcoming large mine projects, RBC Capital Markets analysts said on Wednesday.

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MARKETS NEWS

* Asian share markets fell on widespread investor worries over high inflation and the threat of recession, though oil prices slumped following a report of reassurances from Saudi Arabia over production.

DATA/EVENTS (GMT)

1230 US Initial Jobless Clm Weekly

1400 US Factory Orders MM April

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin (Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)