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Markets

Shanghai copper slips from multi-year highs as bleak China data weighs

  • ShFE aluminium declined 2% to 17,045 yuan a tonne, nickel slipped 2.4% to 138,680 yuan a tonne, zinc shed 1.4% to 21,360 yuan a tonne, tin dropped 3.2% to 182,340 yuan a tonne while lead lost 2.5% to 15,325 yuan a tonne.
01 Mar, 2021

HANOI: Copper prices in Shanghai slipped on Monday, having notched their best monthly gain in nearly 12 years, as top consumer China posted weaker-than-expected factory growth in February after brief COVID-19-related disruptions earlier in the year.

The most-traded April copper contract on the Shanghai Futures Exchange was down 2.7% at 67,280 yuan ($10,408.90) a tonne, as of 0443 GMT. The contract rose 18.9% in February, the best monthly gain since March 2009.

China's manufacturing activity expanded in February at a slower pace than a month earlier, data from the National Bureau of Statistics showed on Sunday, hitting the lowest level since last May and missing market expectations.

ShFE aluminium declined 2% to 17,045 yuan a tonne, nickel slipped 2.4% to 138,680 yuan a tonne, zinc shed 1.4% to 21,360 yuan a tonne, tin dropped 3.2% to 182,340 yuan a tonne while lead lost 2.5% to 15,325 yuan a tonne.

Three-month copper on the London Metal Exchange rose 0.3% to $9,107 a tonne, lead climbed 1.3% to $2,079.50 a tonne and zinc was up 0.9% to $2,818 a tonne.

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