BEIJING: Prices of most base metals opened lower on Monday after lacklustre economic data from China, the world’s top metal consumer, over the weekend dampened investor sentiment.
Three-month copper on the London Metal Exchange was down 0.4% at $9,968 per metric ton, as of 0148 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange was listless at 80,290 yuan ($11,099.59) a ton.
New bank lending in China fell more than expected in April from the previous month while broad credit growth hit a record low, the central bank revealed on Saturday, raising the prospect of more action to support the economy.
Traders also saw producer prices in April extend declines in China, although its consumer prices rose for a third straight month.
Also weighing on market sentiment was rising inventories of some metals, partly because previous price rallies hurt consumption.
Copper retreats on rate cut uncertainty, physical pushback
Total aluminium stocks in London Metal Exchange-registered warehouses rose by 88% to 903,850 tons on Thursday, their highest level since January 2022, daily LME data showed on Friday.
LME aluminium CMAL3 slipped 0.8% to $2,510.50 a ton, nickel shed 0.5% to $18,865, tin fell 1% to $31,780, lead moved 0.3% lower to $2,216, and zinc lost 0.8% to $2,510.
SHFE aluminium fell 1.3% to 20,385 yuan, zinc was down 0.6% at 23,285 yuan, tin slid 1.5% to 259,030 yuan, nickel lost 0.4% to 142,450 yuan, while lead climbed 0.4% at 18,075 yuan.
Source: Brecorder
