METALS-Copper inches lower as traders assess dull China demand, strong dollar

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June 24 (Reuters) - Copper futures inched lower on Monday, as a firmer dollar and concerns over muted demand from top consumer China kept traders on the sidelines. Three-month copper on the London Metal Exchange CMCU3 was down 0.2% at $9,661.5 per metric ton, as of 0303 GMT. Prices have fallen 13% after scaling to an all-time high above $11,100 last month. The most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 lost 1.5% to 78,490 yuan ($10,809.21) a ton. The U.S. dollar hovered near an eight-week peak as traders look forward to fresh clues on the U.S. inflation path this week that will likely influence interest rates. USD/ A stronger dollar makes greenback-priced metals less attractive to buyers holding other currencies. Copper stocks in the SHFE have increased tenfold since the beginning of the year to 322,910 tons, indicating ample supply in China. CU-STX-SGH Fiscal revenue in China fell 2.8% in the first five months of 2024 from a year earlier, official data showed, as weak demand drags on the economic recovery. LME aluminium CMAL3 slipped 0.3% at $2,507 a ton, nickel CMNI3 rose 0.5% to $17,315, zinc CMZN3 was steady at $2,841.5, lead CMPB3 shed 0.3% to $2,184.5, and tin CMSN3 was up 0.3% at $32,765. SHFE aluminium SAFcv1 fell nearly 1% to 20,320 yuan a ton, nickel SNIcv1 dipped 0.2% to 135,050 yuan, lead SPBcv1 gained 0.4% to 18,890 yuan, while zinc SZNcv1 eased 0.4% to 23,745 yuan and tin SSNcv1 dropped 0.8% to 271,750 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L DATA/EVENTS (GMT, June) 0800 Germany Ifo Business Climate New 0800 Germany Ifo Curr Conditions New 0800 Germany Ifo Expectations New ($1 = 7.2615 yuan) (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips) (([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
24 Jun 2024 at 11:28 AM
Publisher
Refinitiv
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