Fears that the hesitant post-pandemic economic rebound in China, the world’s top consumer of the metals, will dampen demand and that rising inventories in exchange warehouses will also lead to lower copper prices.
Three-month copper on the London Metal Exchange was down 0.2% at $8,342 per metric tonne, at 0210 GMT, following a 0.6% decline in the previous session.
October’s most-traded copper contract on the Shanghai Futures Exchange lost 0.6% to 68,930 yuan a tonne, extending its losses after falling 0.4% on Monday.
“Markets were calm as investors awaited the FOMC meeting later this week,” ANZ analysts said in a note.
“Even though the Fed is expected to keep rates unchanged, strong economic data suggests rates will remain high for the foreseeable future.”
Traders were also keeping an eye on depreciating pressure on the Chinese yuan against the US dollar, which could also affect Chinese demand for industrial metals. The pressure is temporary, Chinese state media said Tuesday, as the yuan has fallen more than 5% against the greenback since the start of the year.
LME aluminum gained 0.1% to $2,217 a tonne, zinc lost 0.9% to $2,518, nickel slipped 0.1% to $19,850, while lead fell slightly by 0.2% to $2,243.50. Tin fell 1.7% to $25,750.
In Shanghai, aluminum gained 0.8% to 19,315 yuan per tonne, zinc changed little to 21,785 yuan, lead gained 0.4% to 17,235 yuan, nickel fell 0.3% to 161,070. yuan, while tin fell 0.8% to 218,390 yuan.
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Fears that the hesitant post-pandemic economic rebound in China, the world’s top consumer of the metals, will dampen demand and that rising inventories in exchange warehouses will also lead to lower copper prices.
Three-month copper on the London Metal Exchange was down 0.2% at $8,342 per metric tonne, at 0210 GMT, following a 0.6% decline in the previous session.
October’s most-traded copper contract on the Shanghai Futures Exchange lost 0.6% to 68,930 yuan a tonne, extending its losses after falling 0.4% on Monday.
“Markets were calm as investors awaited the FOMC meeting later this week,” ANZ analysts said in a note.
“Even though the Fed is expected to keep rates unchanged, strong economic data suggests rates will remain high for the foreseeable future.”
Traders were also keeping an eye on depreciating pressure on the Chinese yuan against the US dollar, which could also affect Chinese demand for industrial metals. The pressure is temporary, Chinese state media said Tuesday, as the yuan has fallen more than 5% against the greenback since the start of the year.
LME aluminum gained 0.1% to $2,217 a tonne, zinc lost 0.9% to $2,518, nickel slipped 0.1% to $19,850, while lead fell slightly by 0.2% to $2,243.50. Tin fell 1.7% to $25,750.
In Shanghai, aluminum gained 0.8% to 19,315 yuan per tonne, zinc changed little to 21,785 yuan, lead gained 0.4% to 17,235 yuan, nickel fell 0.3% to 161,070. yuan, while tin fell 0.8% to 218,390 yuan.
Download the Economic Times News app to get daily market updates and live business news.
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