METALS-Copper falls as weak Chinese trade data weighs on demand hopes

Reuters · 05/10/2023 22:50
METALS-Copper falls as weak Chinese trade data weighs on demand hopes

- 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 CMCU3 eased 0.1% to $8,470 a tonne by 0213 GMT, aluminium CMAL3 rose 0.1% to $2,270 a tonne, CMNI3 fell 1% to $22,310 a tonne and tin CMSN3 was down 0.1% at $25,830 a tonne.

Data on Wednesday 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.

LME lead CMPB3 fell 0.4% to $2,129 a tonne and zinc CMZN3 lost 0.3% to $2,615 a tonne.

London metals prices were cushioned by a weaker dollar on slowing inflation in the U.S. A softer dollar makes greenback-priced metals cheaper to holders of other currencies.

But physical metal demand in China remained soft, with the Yangshan premium SMM-CUYP-CN falling to $21.50 a tonne on Wednesday, its lowest since March 10, indicating tepid appetite to import copper into China.

The most-traded June copper contract on the Shanghai Futures Exchange SCFcv1 declined 1% to 66,570 yuan ($9,630.94) a tonne, SNIcv1 dropped 4.7% to 170,820 yuan a tonne, aluminium SAFcv1 fell 0.5% to 18,19 yuan a tonne.

SHFE zinc SZNcv1 decreased 1.2% to 21,165 yuan a tonne, tin SSNcv1 eased 0.1% to 206,960 yuan a tonne while lead SPBcv1 rose 0.1% to 15,300 yuan a tonne.

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1100 UK BOE Bank Rate May

1230 US Initial Jobless Clm Weekly

1230 US PPI Machine Manuf'ing April

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Governors' Meeting in Niigata

($1 = 6.9121 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)

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