Feb 21 (Reuters) - Copper prices in London edged down on
Tuesday as concerns over tepid consumption in top consumer China
dented risk sentiment, even as traders and investors hope for a
rebound in demand.
Three-month copper on the London Metal Exchange fell
0.7% to $9,080 a tonne by 0311 GMT, retreating from its highest
in more than two weeks hit in the previous session.
The most-traded March copper contract on the Shanghai
Futures Exchange rose 1% to 69,720 yuan ($10,151.87) a
tonne, tracking overnight gain in London.
Hopes for a demand recovery in top consumer China post
COVID-19 have supported prices, but some market participants now
expect the rebound to kick in by March, disappointing those who
had hoped for an early rebound in February.
Higher copper prices have also discouraged some downstream
buyers to purchase the metal in large volume, and they are
waiting for supportive policy from the Chinese government to
boost demand for their products.
LME copper prices leaped about 15% in the first two weeks of
January, then lost about 9% within a month and have since been
in rangebound in between $8,700 and $9,200.
LME aluminium dipped 0.8% to $2,438.50 a tonne, zinc fell 0.6% to $3,107 a tonne, lead shed 0.4% to
$2,145.50 a tonne while tin rose 0.2% to 26,750 yuan a
tonne.
China's Yunnan province has asked aluminium producers to
further cut their electricity usage amid a power supply crunch,
potentially cutting annual aluminium output capacity by about
740,000 tonnes, Shanghai Securities News said on Monday.
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0815 France S&P Global Mfg, Serv, Comp Flash PMIs Feb
0830 Germany S&P Global Mfg, Serv, Comp Flash PMIs Feb
0900 EU S&P Global Mfg, Serv, Comp Flash PMIs Feb
0930 UK Flash Comp, Mfg, Serv PMIs Feb
1000 Germany ZEW Economic Sentiment Feb
1000 Germany ZEW Current Conditions Feb
1445 US S&P Global Mfg, Serv, Comp Flash PMIs Feb
1500 US Existing Home Sales Jan
($1 = 6.8677 yuan)
(Reporting by Mai Nguyen in Hanoi
Editing by Vinay Dwivedi)
mai.nguyen.thomsonreuters.com@reuters.net))
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