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Industrial metal prices fell on Monday, as markets weighed disappointing data that showed new bank lending slumped in top consumer China last month due to COVID-19 restrictions, reinforcing fears of weakening demand from the property sector.
Three-month copper on the London Metal Exchange was down 0.7% at $8,036 a tonne, as of 0117 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange dropped 1.4% to 61,810 yuan ($9,167.22) a tonne.
New bank lending in China tumbled more than expected last month while broad credit growth slowed, as fresh COVID-19 flare-ups, worries about jobs and a deepening property crisis made companies and consumers wary of taking on more debt.
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The property sector consumes a vast amount of metals.
LME lead fell 1.2% to $2,158.50 a tonne, tin declined 1% to $24,915 a tonne, ShFE aluminum dropped 2.3% to 18,230 yuan a tonne, ShFE nickel shed 2.4% to 177,250 yuan a tonne and ShFE tin tumbled 3.2% to 198,250 yuan a tonne.
Meanwhile, the U.S.-China’s tensions over Taiwan continued to weighed on risk sentiment, after a delegation of U.S. lawmakers arrived in Taiwan on Sunday for a two-day trip.
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DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY
0200 China Retail Sales YY
0200 China Unemp Rate Urban Area
1100 EU Reserve Assets Total
($1 = 6.7425 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)
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