METALS-Copper nudges higher; lacklustre Chinese demand may check gains

Kitco Media
By Reuters
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Reuters
NEW DELHI, April 26 (Reuters) - Copper prices edged higher on Wednesday, although further gains were likely to be capped on concerns around weak demand in top consumer China and a steady U.S. dollar. Markets are also expected to tread cautiously ahead of the U.S. Federal Reserve's policy meeting next week. Three-month copper on the London Metal Exchange (LME) was up 1.02% at $8,615 a tonne by 0246 GMT.


Copper prices had fallen to their lowest in six weeks on Tuesday due to weakening Chinese demand, strong dollar, and a sharp rise in inventories in the LME warehouse system. "Copper will be under pressure until demand from China revives," a research note from National Australia Bank Ltd noted. The most-traded June copper contract on the Shanghai Futures Exchange slid 1.09% to 67,430 yuan ($9,736.48) a tonne. LME aluminium edged up 0.45% to $2,346 a tonne, nickel moved up 0.51% to $23,460 a tonne, lead gained 0.55% to $2,118 a tonne, tin was up 0.88% to $25,810 a tonne, while zinc rose 1.5% to $2,639 a tonne. On the Shanghai exchange, aluminium declined 0.27% to 18,750 yuan a tonne, zinc dropped 1.17% to 21,205 yuan a tonne, lead was steady at 15,280 yuan a tonne and tin shed 2.62% to 207,050 yuan a tonne, while nickel fell 2.14% to 179,190 yuan a tonne. 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 = 6.9255 Chinese yuan) (Reporting by Neha Arora; Editing by Uttaresh Venkateshwaran)


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