off-the-wire

METALS-London copper retreats on caution ahead of China's key meeting

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 2 (Reuters) - Copper prices fell on Thursday in London, tracking Asian equities lower, as traders and investors were cautious ahead of a key meeting in China that will set the economic agenda in the world's biggest consumer of the metal. Three-month copper on the London Metal Exchange fell 0.4% to $9,064 a tonne by 0249 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange advanced 0.4% to 69,940 yuan ($10,154) a tonne. LME aluminium dipped 0.1% to $2,428 a tonne, zinc edged down 0.3% to $3,106.50 a tonne, lead fell 0.8% to $2,124 a tonne and tin shed 0.6% to $25,190 a tonne. SHFE aluminium rose 0.6% to 18,655 yuan a tonne, nickel dropped 3.4% to 187,580 yuan a tonne, tin fell 0.7% to 204,950 yuan a tonne while zinc advanced 0.9% to 23,540 yuan a tonne.


A rally in Asian shares sputtered, pressured by a pullback in Chinese stocks and higher U.S. yields amid fears that global central banks would keep raising interest rates to combat sticky inflation. The dollar index gained 2.7% in February, the biggest monthly rise since September 2022, making greenback-priced metals more expensive to holders of other currencies. Thursday's falls in metals prices followed a jump 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 participants are eyeing China's annual parliament gathering later this week, looking for clues of any stimulus measures to boost its economic growth and metals demand.


For the top stories in metals and other news, click or DATA/EVENTS (GMT) 1000 EU HICP Flash YY Feb 1000 EU HICP-X F, E, A&T Flash YY, MM Feb 1000 EU Unemployment Rate Jan 1330 US Initial Jobless Clm Weekly ($1 = 6.8876 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Varun H K)

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