Copper prices fell on Thursday, as subdued trade data from top consumer China darkened the economic outlook for the country, weighing on the metal’s demand prospects.
Three-month copper on the London Metal Exchange eased 0.1% to $8,470 a tonne by 0213 GMT, aluminium rose 0.1% to $2,270 a tonne, nickel fell 1% to $22,310 a tonne and tin was down 0.1% at $25,830 a tonne.
Data on Wednesday showed Chinese imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs.
LME lead fell 0.4% to $2,129 a tonne and zinc lost 0.3% to $2,615 a tonne.
London metals prices were cushioned by a weaker dollar on slowing inflation in the U.S. A softer dollar makes greenback-priced metals cheaper to holders of other currencies.
Shanghai copper rebounds on low inventory
But physical metal demand in China remained soft, with the Yangshan premium falling to $21.50 a tonne on Wednesday, its lowest since March 10, indicating tepid appetite to import copper into China.
The most-traded June copper contract on the Shanghai Futures Exchange declined 1% to 66,570 yuan ($9,630.94) a tonne, nickel dropped 4.7% to 170,820 yuan a tonne, aluminium fell 0.5% to 18,19 yuan a tonne.
SHFE zinc decreased 1.2% to 21,165 yuan a tonne, tin eased 0.1% to 206,960 yuan a tonne while lead rose 0.1% to 15,300 yuan a tonne.
Source: Brecorder
