Mumbai, 9 Oct (Commoditiescontrol): Copper prices in Shanghai dropped for the second consecutive session on Wednesday, weighed down by doubts surrounding China's economic recovery, the world's largest metals consumer.
The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) fell by 0.8%, trading at 77,560 yuan ($10,975.73) per metric ton.
Meanwhile, on the London Metal Exchange (LME), three-month copper prices gained slightly, rising 0.3% to $9,771.50 per metric ton. However, the LME copper remained near the two-week low it reached in the previous session.
China has reassured markets about meeting its full-year growth target, but the absence of significant new measures to stimulate the economy has fueled concerns about Beijing’s commitment to addressing the current slowdown.
In a note, Commerzbank pointed out that the Chinese government’s lack of clear action on economic development left the market unsettled. "The longer the wait for details from the Ministry of Finance, the more likely metal prices are to fall," the bank added.
Other base metals on the SHFE followed copper's downward trend. Aluminum dropped 0.6% to 20,570 yuan per ton, nickel declined by 0.4% to 134,940 yuan, zinc fell by 1.5% to 25,180 yuan, lead decreased by 0.4% to 16,890 yuan, and tin slipped by 1.2% to 265,170 yuan.
On the LME, aluminum edged down 0.5% to $2,559.50, marking its lowest level since late September. Nickel remained flat at $17,770 per ton, lead dipped 0.1% to $2,100.50, zinc fell 0.3% to $3,081.50, while tin gained 0.4% to reach $32,995 per ton.
(By Commoditiescontrol Bureau: 09820130172)
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