HANOI, Feb. 1 (Reuters) – Copper prices plunged lower on Monday under pressure from demand concerns after data showed declining manufacturing activity in China’s key consumers.
In January, factory activity in China grew at the slowest pace in months hit by a wave of domestic coronavirus infections and export orders falling amid global pandemics and rising costs, studies have shown.
Three-month copper on the London Metal Exchange fell 0.1% to $ 7,849 per tonne before 0237 GMT and the most traded copper contract in the Shanghai Futures Exchange fell 0.1% at 57,870 Yuan ($ 8,961.39) per tonne.
PROPERTY
* Prices for the import of copper into China have jumped to their highest level in more than five months, as rising waves are causing concern over shipments from Chile’s main producer.
* LME aluminum rose 0.6% to $ 1,988.50 per tonne, nickel increased 0.7% to $ 17,815 per tonne and zinc increased 0.8% to $ 2,600.50 per tonne.
* ShFE aluminum jumped 1.7% to 15,180 Yuan per tonne, while tin fell 2.6% to 168,540 Yuan per tonne after ShFE tin deposits SSN-TOTAL-W an increase of 22.1% last week.
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MARKET NEWS
* Asian shares tried to rally while Wall Street struggled with doubts about vaccine spreads and economic recovery, while money came to a standstill as retail investors turned to new power. speculative eyes to precious metals.
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$ 1 = 6.4577 yuan Reciting by Mai Nguyen; Edited by Amy Caren Daniel