(Updates prices)
March 20 (Reuters) - Prices of most industrial metals
fell on Monday, hit by fears of a larger crisis in the global
financial system and its potential impact on economic growth.
Banks led stock markets lower as a weekend deal to rescue
Credit Suisse and promises of liquidity from central banks could
not stem fears that a bigger crisis is brewing in the financial
system.
Three-month copper on the London Metal Exchange was
almost flat at $8,580.50 a tonne by 0852 GMT, while the
most-traded April copper contract on the Shanghai Futures
Exchange (SHFE) dipped 0.1% to 66,840 yuan ($9,705.95)
a tonne.
"There is a huge amount of fund money in metals and they
will be taking hits in every sector", said Malcolm Freeman,
director at broker Kingdom Futures.
Cushioning falls in copper prices is Yangshan copper premium rising to $50 a tonne on Friday, its highest since
December last year, indicating improving appetite for imported
copper into China.
SHFE copper inventories fell for the third
straight week to 182,341 tonnes, their lowest since Jan. 20.
China's aluminium imports in the first two months of 2023
rose 11.3% year-on-year to 374,321 tonnes, as buyers anticipated
improving demand for the metal following the country's reopening
from COVID-19 restrictions.
SHFE aluminium fell 0.7% to 18,040 yuan a tonne,
nickel was down 0.8% at 174,860 yuan a tonne, zinc advanced 0.3% to 22,360 yuan a tonne, tin increased 1.6% to 183,900 yuan a tonne and lead edged
down 0.1% at 15,320 yuan a tonne.
LME zinc fell 0.3% to $2,885.50 a tonne, lead was down 0.2% at $2,085 a tonne, tin declined
0.6% to $22,375 a tonne, while aluminium edged up 0.1%
at $2,275.50 a tonne.
For the top stories in metals and other news, click or ($1 = 6.8865 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu,
Rashmi Aich and Louise Heavens)
mai.nguyen.thomsonreuters.com@reuters.net))
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