Most base metals eases on China demand worry

Most base metals fell on Monday on Chinese demand concerns following weak manufacturing data, although market participants hoped for more stimulus measures in an upcoming political meeting, reports Reuters.

Three-month copper on the London Metal Exchange (LME) eased 0.2 per cent to $8,486.50 per tonne by 0552 GMT.

The most-traded April copper contract on the Shanghai Futures Exchange (SHFE) eased 0.1 per cent to 68,900 yuan ($9,571.31) a tonne.

Inventories of copper in SHFE warehouses continued to climb and were last reported at 214,487 tonnes, the highest since March last year.

China's manufacturing activity in February shrank for a fifth straight month. The sector accounts for a large portion of metals demand.

However, the poor data raised pressure for more stimulus measures as the Chinese parliament prepares for a key annual meeting during March 5-11.

LME aluminium shed 0.7 per cent to $2,2278 a ton, nickel declined 1 per cent to $17,480, zinc eased 0.1 per cent to $2,415, tin decreased 0.5 per cent to $26,365, while lead rose 0.3 per cent to $2,040.50.