METALS-Copper weighed down by economic concerns

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BEIJING, Sept 9 (Reuters) - Copper prices fell on Monday after weaker-than-expected U.S. jobs data fanned more worries over the health of the world's largest economy. Three-month copper on the London Metal Exchange CMCU3 shed 0.5% to $8,951 per metric ton by 0144 GMT, having lost 2.6% last week, the biggest weekly fall since July. The most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 declined 1.2% to 71,720 yuan ($10,091.89) a ton. The closely watched jobs data on Friday showed labor market momentum slowing more than expected, suggesting a narrower path for the U.S. to achieve a soft landing. That sent risk assets tumbling, including copper, often seen as an economic indicator. The reading kept market expectation of a September rate cut by the Federal Reserve on track, however, the size and speed remain unclear. Investors are waiting for more data this week, including trade data from China, the world's top metals consumer. LME nickel CMNI3 added 0.3% to $15,935 a ton, lead CMPB3 eased 0.2% to $1,959.50, aluminium CMAL3 slid 0.5% at $2,331, zinc CMZN3 moved 0.4% lower to $2,707 and tin CMSN3 fell 1.8% to $30,470. SHFE aluminium SAFcv1 lost 0.9% to 19,110 yuan a ton, nickel SNIcv1 declined 1% to 122,530 yuan, zinc SZNcv1 dropped 0.4% to 22,660 yuan, lead SPBcv1 lost 2.1% to 16,545 yuan, and tin SSNcv1 dropped 0.7% to 248,380 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1067 Chinese yuan renminbi) (Reporting by Siyi Liu and Colleen Howe; Editing by Mrigank Dhaniwala) (([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
9 Sep 2024 at 10:01 AM
Publisher
Refinitiv
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