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Nov 7 (Reuters) – London copper prices fell on Monday, as demand recovery hopes receded after top consumer China reaffirmed its stringent COVID-19 restrictions to curb spreading outbreaks.
Three-month copper on the London Metal Exchange CMCU3 fell 1.7% to $7,961.50 a tonne by 0306 GMT, aluminium CMAL3 fell 2.4% to $2,299.50 a tonne, zinc CMZN3 shed 1.6% to $2,832 a tonne and tin CMSN3 declined 0.5% to $18,770 a tonne.
China is sticking with a strict COVID-19 containment strategy nearly three years into the pandemic, potentially disappointing investors hoping for a quick reopening, although authorities are making tweaks to managing the virus.
A stronger dollar also made greenback-priced metals more expensive to holders of other currencies.
LME copper jumped 7.1% on Friday, its biggest daily jump in nearly 14 years on rumour of China loosening its COVID-19 measures which could support metals demand.
The most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 rose 3% to 65,440 yuan ($9,064.97) a tonne, tracking gains in overnight trade in the previous session in London.
SHFE zinc SZNcv1 advanced 2.1% to 23,515 yuan a tonne, tin SSNcv1 climbed 5.5% to 165,800 yuan a tonne, aluminium SAFcv1 rose 0.4% to 18,270 yuan a tonne while nickel SNIcv1 eased 0.2% to 190,730 yuan a tonne.
China’s exports and imports both fell in October and missed expectations. China’s state planner said it would further improve the policy environment to encourage the development of private investment, the latest move to prop up the faltering economy facing multiple headwinds.
Global copper smelting activity declined in October due to fears of a recession, weak demand and maintenance shutdowns, data from satellite surveillance of metal processing plants showed on Friday.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
0700 Germany Industrial Output MM Sept
0700 Germany Industrial production YY SA Sept
0700 UK Halifax House Prices MM, YY Oct
($1 = 7.2190 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)
((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
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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