METALS-Most nonferrous metals fall as gloomy demand outlook weighs

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(Updates prices) By Mai Nguyen Sept 5 (Reuters) - Prices of most nonferrous metals dropped on Thursday, pressured by a dim demand outlook after recent weak economic data globally, including in top consumer China. Three-month aluminium CMAL3 on the London Metal Exchange (LME) was down 0.8% at $2,378.50 a metric ton, as of 0805 GMT, nickel CMNI3 dropped nearly 1% to $16,065, zinc CMZN3 fell 1.8% to $2,745, while copper edged 0.4% higher to $8,993 on bargain-hunting after prices fell to a three-week low in the previous session. LME lead CMPB3 slipped 0.7% to $2,005 a ton and tin CMSN3 declined 1% to $30,190. LME copper, which fell in July and August, has eased 0.4% so far this month, pressured by a strong output of copper cathode and a weak demand outlook. U.S. manufacturing contracted at a moderate pace in August while China's manufacturing activity sank to a six-month low during the same period. The sector accounts for a large portion of metals demand. "Copper remained under pressure amid an increasingly dim outlook for demand in China. The market remains concerned that Beijing will fail to address the slowdown with any further stimulus measures," ANZ analysts said in a note. The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 slipped 0.7% to 71,520 yuan ($10,073.10) a ton at the midday break. SHFE aluminium SAFcv1 declined 1.2% to 19,195 yuan, nickel SNIcv1 dropped 2.2% to 123,450 yuan, zinc SZNcv1 shed 3.7% to 22,695 yuan, lead SPBcv1 eased 1.5% to 16,925 yuan and tin SSNcv1 decreased 2% to 246,420 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1001 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sumana Nandy) (([email protected]; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))
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Published Date
5 Sep 2024 at 2:58 PM
Publisher
Refinitiv
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