METALS-Copper holds slight gains as Chinese demand weighs

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Updates prices) NEW DELHI, April 26 (Reuters) - Copper prices edged higher on Wednesday, with gains capped by concern over demand in top consumer China and market caution ahead of the U.S. Federal Reserve's policy meeting next week. Three-month copper on the London Metal Exchange (LME) was up 0.6% at $8,576 a tonne by 0751 GMT.


Copper prices had fallen to their lowest in six weeks on Tuesday, driven down by Chinese demand weakness, a strong dollar and a sharp rise in inventories in the LME warehouse system. "Copper will be under pressure until demand from China revives," National Australia Bank said in a research note. The most-traded June copper contract on the Shanghai Futures Exchange lost 1.1% to 67,430 yuan ($9,749.43) a tonne. LME aluminium was up 0.7% at $2,352 a tonne, nickel gained 0.2% to $23,375, lead edged up by 0.1% to $2,108, tin rose 0.2% to $25,540 and zinc advanced by 0.7% to $2,618.50. On the Shanghai exchange, aluminium declined 0.5% to 18,710 yuan a tonne, zinc lost 0.9% to 21,260 yuan, lead firmed by 0.2% to 15,315 yuan and tin shed 2.1% to 208,090 while nickel retreated by 1.9% to 179,570 yuan. For the top stories in metals and other news, click or DATA/EVENTS (GMT) 1000 France Unemp Class-A SA March 1230 US Durable Goods March ($1 = 6.9163 Chinese yuan) (Reporting by Neha Arora Editing by David Goodman )


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