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BEIJING, Sept 5 (Reuters) – Shanghai’s base metals ticked up on Monday, but concerns about U.S. Federal Reserve’s interest rate hike path and persisting COVID-19 curbs in China weighed on sentiment.
The most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 edged up 0.1% at 59,920 yuan ($8,657.21) a tonne by 0201 GMT, after posting a weekly loss on Friday.
ShFE aluminium SAFcv1 rose 1.8% to 18,315 yuan a tonne, tin SSNcv1 was up 1.3% to 175,550 yuan a tonne and nickel SNIcv1 jumped 4.4% to 167,810 yuan a tonne, reversing the downtrend registered the week earlier.
The jobs data showed U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% could ease pressure on the Fed to deliver a third 75-basis-point interest rate hike this month.
China’s key commodity exchanges announced on Friday a wider range of products open for foreign participation, copper and aluminium on the ShFE are included.
Meanwhile, however, metals demand outlook was clouded by persisting COVID curbs in China, the world’s biggest metals consumer.
China’s southern tech hub Shenzhen started tiered anti-coronavirus restriction measures from Monday after a weekend lockdown, while the metropolis Chengdu extended its COVID-19 lockdown that started last Thursday.
Three-month copper on the London Metal Exchange CMCU3 lost 0.9% to $7,564 a tonne.
LME aluminium CMAL3 climbed 0.5% at $2,307 a tonne, zinc CMZN3 gained 0.8% to $3,160 a tonne, while tin CMSN3 lost 1.8% to $20,765 a tonne.
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($1 = 6.9214 yuan)
(Reporting by Siyi Liu and Dominique Patton; Editing by Rashmi Aich)
((Siyi.Liu@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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