Most base metals fall on China manufacturing slowdown
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작성자 Finlay 댓글 0건 조회 11회 작성일 25-03-01 05:35본문
Oct 31 (Reuters) - Most nonferrous metals prices declined on Tuesday as an unexpected slowdown in manufacturing activities in top metals consumer China weighed on sentiment and demand outlook.
China's official purchasing managers' index (PMI) fell to 49.5 in October, casting a cloud over optimism that the Chinese economy is stabilising. A fall in non-manufacturing PMI also indicated a slowdown in construction.
Metals are used widely in manufacturing and construction.
Three-month copper on the London Metal Exchange fell 0.2% to $8,127 per metric ton by 0730 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange closed nearly flat at 67,310 yuan ($9,198.37) a ton.
LME aluminium fell 0.2% to $2,261.50 a ton, nickel declined 1.2% to $18,270, zinc edged up 0.1% at $2,468, lead eased 0.2% to $2,116.50 and tin shed 1.1% to $24,740.
On a monthly basis, both LME copper and nickel contracts were set for their third straight decline. LME zinc was on track for its biggest monthly decline since May and LME aluminium was headed for its steepest monthly drop since June.
SHFE nickel declined 1.9% to 143,580 yuan a ton, zinc shed 0.5% to 21,160 yuan, tin fell 1.7% to 210,980 yuan, lead edged up 0.1% at 16,320 yuan.
"Today's data show the growth struggle of China. Monetary tools aren't working and traditional fiscal tools have reached their limits," said Sandeep Daga, a director at metals analysis company Metal Intelligence Centre.
"We have been seeing a typical month-end buying since July. Prices should reverse lower in the next two weeks," Daga said.
SHFE aluminium rose as much as 0.9% to 19,305 yuan, the highest since Oct. 9 after metals information provider firm SMM reported that aluminium producers in China's Yunnan province could cut output to conserve power in the dry season.
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($1 = 7.3176 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu, Rashmi Aich and Sohini Goswami)
China's official purchasing managers' index (PMI) fell to 49.5 in October, casting a cloud over optimism that the Chinese economy is stabilising. A fall in non-manufacturing PMI also indicated a slowdown in construction.
Metals are used widely in manufacturing and construction.
Three-month copper on the London Metal Exchange fell 0.2% to $8,127 per metric ton by 0730 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange closed nearly flat at 67,310 yuan ($9,198.37) a ton.
LME aluminium fell 0.2% to $2,261.50 a ton, nickel declined 1.2% to $18,270, zinc edged up 0.1% at $2,468, lead eased 0.2% to $2,116.50 and tin shed 1.1% to $24,740.
On a monthly basis, both LME copper and nickel contracts were set for their third straight decline. LME zinc was on track for its biggest monthly decline since May and LME aluminium was headed for its steepest monthly drop since June.
SHFE nickel declined 1.9% to 143,580 yuan a ton, zinc shed 0.5% to 21,160 yuan, tin fell 1.7% to 210,980 yuan, lead edged up 0.1% at 16,320 yuan.
"Today's data show the growth struggle of China. Monetary tools aren't working and traditional fiscal tools have reached their limits," said Sandeep Daga, a director at metals analysis company Metal Intelligence Centre.
"We have been seeing a typical month-end buying since July. Prices should reverse lower in the next two weeks," Daga said.
SHFE aluminium rose as much as 0.9% to 19,305 yuan, the highest since Oct. 9 after metals information provider firm SMM reported that aluminium producers in China's Yunnan province could cut output to conserve power in the dry season.
For the top stories in metals and other news, click or
($1 = 7.3176 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu, Rashmi Aich and Sohini Goswami)
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