Feb 28 (Reuters) - London copper prices were set for
their first monthly drop in four on Tuesday, weighed down by a
firmer U.S. dollar and as demand from top consumer China
remained subdued.
Three-month copper on the London Metal Exchange was
almost unchanged at $8,805.50 a tonne, as of 0516 GMT, but down
4.5% on a monthly basis, the first decline since October.
The most-traded April copper contract on the Shanghai
Futures Exchange increased 0.1% to 68,780 yuan
($9,913.52) a tonne, but was also heading for a monthly decline.
Copper prices rose strongly in January as hopes grew for a
strong consumption recovery from China, which accounts for half
of global copper demand, after the country lifted strict
pandemic restrictions.
However, copper demand in China remained weak in February,
weighing on the prices, while a stronger dollar also made the
greenback-priced metal more expensive to holders of other
currencies.
Analysts expect the Chinese economy to recover strongly from
as early as March, as the government is likely to roll out more
stimulus at the National People's Congress.
Copper inventories buildup in China slowed last week, with
the weekly increase in SHFE copper stockpiles by Friday being
the slowest so far this year. Yangshan copper premium , which reflects demand
to import copper into China, rose to $26.50 a tonne on Monday,
its highest since Feb. 1.
LME aluminium fell 0.5% to $2,352 a tonne, zinc rose 0.1% to $2,992 a tonne, tin advanced 0.9%
to $25,695 a tonne and lead eased 0.2% to $2,108 a
tonne.
SHFE aluminium increased 0.1% to 18,435 yuan a
tonne, nickel was up 0.7% at 197,940 yuan a tonne and
zinc advanced 0.1% to 23,125 yuan a tonne.
For the top stories in metals and other news, click or DATA/EVENTS (GMT)
0745 France GDP QQ Final Q4
0745 France CPI (EU Norm) Prelim YY Feb
0745 France Producer Prices YY Jan
1500 US Consumer Confidence Feb
($1 = 6.9380 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
mai.nguyen.thomsonreuters.com@reuters.net))
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.