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HANOI – Shanghai copper prices fell on Thursday to their lowest level in nearly a week, as rising inventories and falling premiums pointed to a slowdown in demand in China, the largest consumer.
The best-selling May copper contract on the Shanghai Futures Exchange fell 1.2% to 66,310 yuan ($ 10,130.47) a tonne, the lowest since April 2.
Yangshan Premium Copper
Copper stocks in warehouses approved by the London Metal Exchange
Three-month copper on the LME rose 0.2% to $ 8,930.50 a tonne by 01:52 GMT, as the dollar hovered around more than a two-week low, making dollar-denominated metals more attractive to holders of other currencies.
* Aluminum on the London Metal Exchange fell 0.1% to $ 2,258 a tonne, zinc fell 0.1% to $ 2,830.50 a tonne and lead fell 0.9% to $ 1976 a tonne.
* Nickel ShFE fell 0.2% to 125,340 yuan a tonne, tin fell 1.5% to 182,140 yuan a tonne and zinc rose 0.1% to 21,865 yuan a tonne.
* Copper prices are likely to remain high, but the spread of COVID-19 varieties could create new volatility in the market, the chairman of leading copper producer Codelco told Reuters.
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• Asian stocks are poised to follow Wall Street’s cautious gains after a pledge to keep interest rates low until the US economy becomes more robust a few minutes after the last meeting of the Federal Reserve Board.
DATA / EVENTS (GMT)
0600 Volume of industrial orders in Germany, million Feb
0645 France Reserve assets Total for March
1230 US Initial Jobless Clm Weekly
($ 1 = 6.5456 yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)