Copper prices fell on Thursday as subdued trade data from top consumer China darkened the economic outlook for the country, weighing on the metal’s demand prospects.
Three-month copper on the London Metal Exchange fell 1.2% to $8,372 a tonne by 0828 GMT, aluminum declined 0.9% to $2,248 a tonne, nickel fell 0.4% to $22,450 a tonne and tin was down 1.2% at $25,540 a tonne.
Financial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300
China’s consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation deepened, suggesting a patchy post-COVID economic recovery.
Advertisement 2
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others.
- Daily content from Financial Times, the world’s leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others.
- Daily content from Financial Times, the world’s leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Data on Wednesday also showed Chinese imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs.
“Weak imports from China sparked this week’s selloff. … This comes as stockpiles climb in Asian (LME) warehouses, a sign there is little interest from buyers for newly arriving material,” said ANZ analysts in a note.
LME lead fell 0.5% to $2,125.50 a tonne and zinc lost 0.7% to $2,604.50 a tonne.
China’s slowing inflation also sent the dollar higher and made greenback-priced metals more expensive to holders of other currencies.
In China, the Yangshan premium
The most-traded June copper contract on the Shanghai Futures Exchange declined 2.9% to 65,310 yuan ($9,448.65) a tonne, nickel dropped 5.4% to 169,580 yuan a tonne, aluminum fell 1.4% to 18,030 yuan a tonne.
SHFE zinc decreased 2.1% to 20,970 yuan a tonne, tin edged down 0.2% at 206,600 yuan a tonne while lead rose 0.1% to 15,305 yuan a tonne.
For the top stories in metals and other news, click or
($1 = 6.9121 yuan (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich and Uttaresh Venkateshwaran)
