The most-traded April copper contract on the Shanghai Futures Exchange slid 0.8% to 69,390 yuan ($10,061.63) a tonne. China is becoming increasingly ambitious with its 2023 economic 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 involved in policy discussions said. The target will be announced at the parliamentary meeting starting this Sunday. The dollar held firm after a fresh set of data indicated the Federal Reserve will keep interest rates higher for longer and as concerns grew the United States may impose more sanctions on China. A stronger dollar makes greenback-priced commodities more expensive to buyers holding other currencies. Global copper smelting activity declined in February despite a further rebound in activity in top refined metal producer China, data from satellite surveillance of metal processing plants showed on Thursday.
LME aluminium rose 0.4% to $2,408 a tonne, zinc gained 0.3% to $3,055.50 a tonne, lead shed 0.6% to $2,113.50 a tonne and tin climbed 0.4% to $24,670 a tonne. SHFE aluminium was little changed at 18,665 yuan a tonne, nickel dropped 2.5% to 186,480 yuan a tonne, tin fell 2.9% to 200,780 yuan a tonne and zinc slid 1.2% to 23,250 yuan a tonne. For the top stories in metals and other news, click or ($1 = 6.8965 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)
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