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Markets

Copper on track for 3rd straight fall as weak China data weighs

  • China announced on Monday weaker-than-expected February activity growth in the manufacturing sector, one of the biggest consumers of industrial metals.
02 Mar, 2021

HANOI: Copper futures were on track for their third straight session of falls on Tuesday, as bleak manufacturing data from top consumer China pressured prices, while investors were cautious as they awaited a series of policy announcements later this week.

Three-month copper on the London Metal Exchange fell 0.9% to $8,966 a tonne by 0240 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange declined 1.9% to 66,260 yuan ($10,239.69) a tonne.

China announced on Monday weaker-than-expected February activity growth in the manufacturing sector, one of the biggest consumers of industrial metals.

A firm dollar , boosted by bets of a faster economic recovery and greater tolerance of higher US bond yields, also made greenback-priced metals more expensive to holders of other currencies.

Market participants also eyed a key meeting in China later this week that will unveil the country's growth drivers and potentially paint a clearer picture on the outlook for metals demand in their biggest consuming market.

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