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By Mai Nguyen
March 2 (Reuters) – London copper prices fell on Thursday, weighed down by losses in stock markets, while traders awaited a key political meeting in top consumer China that is expected to unveil ambitious economic growth targets and stimulus measures.
Three-month copper on the London Metal Exchange CMCU3 fell 0.6% to $9,046 a tonne by 0551 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange SCFcv1 advanced 0.3% to 69,880 yuan ($10,128.71) a tonne.
LME aluminium CMAL3 dipped 0.3% to $2,425.50 a tonne, zinc CMZN3 edged down 0.1% to $3,111.50 a tonne, lead CMPB3 fell 0.9% to $2,122 a tonne and tin CMSN3 shed 1% to $25,075 a tonne.
SHFE aluminium SAFcv1 rose 0.7% to 18,670 yuan a tonne, nickel SNIcv1 dropped 3.3% to 187,710 yuan a tonne, tin SSNcv1 fell 0.9% to 204,460 yuan a tonne and zinc SZNcv1 advanced 1% to 23,550 yuan a tonne.
A rally in Asian shares sputtered, while two out of three major Wall Street stock indexes declined overnight amid fears that global central banks would keep raising interest rates to combat sticky inflation.
The dollar index .DXY gained 2.7% in February, the biggest monthly rise since September 2022, making greenback-priced metals more expensive to holders of other currencies.
Metals prices jumped in the previous session, boosted by better-than-expected manufacturing activity from China that expanded at the fastest pace in more than a decade in February.
The manufacturing sector is one of the major consumers of metals.
Market players are now awaiting China’s annual parliament gathering later this week for clues on any stimulus measures to boost its economic growth and metals demand.
“After the meeting, China will announce the stimulus it is doing, so uncertainty fades,” said a metals trader, adding that prices were cushioned by traders buying on the dip.
China is becoming increasingly ambitious with its 2023 growth target, aiming potentially as high as 6%, in a bid to boost investor and consumer confidence and build on a promising post-pandemic recovery, sources told Reuters.
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($1 = 6.8992 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Varun H K and Subhranshu Sahu)
((mai.nguyen@thomsonreuters.com; 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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