March 4 (Reuters) – Most non-ferrous metals fell on Monday as weak manufacturing data from consumer powerhouse China weighed on the sector's consumption outlook.
London Metal Exchange (LME) 3-month copper contract CMCU3 The most traded April copper contract on the Shanghai Futures Exchange (SHFE) fell 0.2% to $8,488 a tonne by 0429 GMT. SCFcv1 The price was unchanged at 68,960 yuan ($9,579.77) per ton.
LME aluminum CMAL3 Nickel down 0.8% to $2,227.50 per tonne CMNI3 Zinc, down 0.6% to $17,550 CMZN3 Tin fell 0.1% to $2,414.50. CMSN3 -0.3% to $26,400, Lead CMPB3 It rose 0.4% to $2,042.
SHFE Nickel SNIcv1 Zinc fell 1% to 136,470 yuan per tonne. SNZcv1 Aluminum price remains almost unchanged at 20,590 yuan SAFcv1 unchanged at 18,970 yuan, tin SSNcv1 is almost flat at 217,790 yuan, while leading SPBcv1 It rose 0.2% to 16,005 yuan.
SHFE warehouse copper stock CU-STX-SGH It continued to increase, reaching 214,487 tons, the highest since March last year.
Chinese manufacturing activity in February shrunken An official survey on Friday showed the number had increased for the fifth straight month. This sector accounts for the majority of metals demand.
But as Congress prepares for its crucial annual session from March 5 to 11, the poor readings have increased pressure on China to roll out more economic stimulus, leading to a sharp rise in metal prices. The decline was suppressed.
Base metal prices also received some support from a weaker dollar, which made greenback-priced metals cheaper for holders of other currencies.
The dollar is pressured The drop in U.S. Treasury yields came as traders awaited more important economic data for new clues about when the Federal Reserve might cut interest rates.
weak U.S. factory data released last week also raised the prospect of a rate cut.
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1100 French Producer Price YY February
(1 dollar = 7.1985 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Janane Venkatraman)
((mai.nguyen@thomsonreuters.com; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
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