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.
Most base metals eases on China demand worry
FE Team | Published: March 05, 2024 00:39:21
Most base metals eases on China demand worry
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