Three-month copper on the London Metal Exchange declined 0.8% to $8,488.50 a tonne by 0345 GMT, while the
most-traded June copper contract on the Shanghai Futures
Exchange fell 0.9% to 66,490 yuan ($9,603.80) a tonne.
China's industrial firms' profits shrank at a slightly
slower pace in January-March but the decline remained in the
double-digits as the economy struggled to fully recover despite
the country's exit from its zero-COVID policy.
Copper bulls have been betting on a strong demand recovery
from top metals consumer China, but the rebound has so far been
relatively short-lived and weaker than expected.
Prospects of higher U.S. interest rates could dampen the
global economic growth and increased the likelihood of a
stronger dollar, making greenback-priced metals more expensive
to holders of other currencies.
Denting sentiment further were troubles from the U.S.
banking sector.
China's demand is expected to be even weaker next week as
the country enters a May 1-3 holiday. LME aluminium edged down 0.2% to $2,322.50 a tonne,
nickel declined 0.2% to $23,600 a tonne, zinc shed 0.9% to $2,622 a tonne, tin lost 0.9% to $25,520 a
tonne while lead rose 0.1% to $2,107 a tonne.
SHFE aluminium fell 1% to 18,505 yuan a tonne, tin declined 0.6% to 205,710 yuan a tonne while nickel rose 0.3% to 179,710 yuan a tonne, zinc was up
0.2% to 21,115 yuan a tonne and lead edged up 0.1% at
15,295 yuan a tonne.
For the top stories in metals and other news, click or DATA/EVENTS (GMT)
0900 EU Consumer Confid. Final April
1230 US GDP Advance Q1
1230 US Initial Jobless Clm Weekly
($1 = 6.9233 yuan)
(Reporting by Mai Nguyen in Hanoi)
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