Most Read China base metals fall on dollar strength, but London copper gains Sept 9 (Reuters) – Base metals in China slumped on Wednesday, under pressure from sharp losses in equities, oil markets and the dollar’s strength, but benchmark London copper rebounded after falling The most-traded Shanghai copper contract was down 0.9% at 52,050 yuan ($7,596.65) a tonne at 0225 GMT, while three-month London copper rose 0.4% to $6,692 a tonne.Overall sentiment was bleak after Wall Street sank for the third consecutive session on losses in heavyweight technology companies and as oil futures hit lows not seen since June.Meanwhile, the dollar rose to a one-month high against a basket of rivals.A strong greenback makes dollar-denominated metals more expensive for buyers using other currencies.
FUNDAMENTALS * Copper’s sizzling rally triggered by historically low stocks and strong consumption in China has further to run if the link between Chinese demand and credit availability in the top consumer fully reasserts itself.* LME aluminium was down 0.3% at $1,787.50 a tonne, while Shanghai aluminium dropped 0.8% to 14,385 yuan a tonne; LME zinc fell 0.2% to $2,420.50 and Shanghai zinc sank 2.5% to 19,365 yuan.* London nickel slipped 0.1% to $14,880 and Shanghai nickel slumped 1.9% to 117,060 yuan; London lead was up 0.4% at $1,911, while Shanghai lead dipped 1.8% to 15,305 yuan.* For the top stories in metals and other news, click or MARKETS NEWS * Asian shares fell on Wednesday and oil prices hit lows not seen since June after a rout of technology shares sank Wall Street for a third consecutive day and a major drugmaker delayed testing of a coronavirus vaccine.
DATA/EVENTS (GMT) 0130 China PPI, CPI YY Aug PRICES (Reporting by Enrico Dela Cruz in Manila; Editing by Amy Caren Daniel) 2020-09-09 04:41:27
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