HANOI, April 9. (Reuters) – Copper prices fell on Friday, slashing earnings for the week as rising inflation in China raised fears that the world’s second largest economy could tighten monetary policy.
The three-month London Metal Exchange (LME) copper price fell 0.8% to $ 8,938.50 a tonne by 07:36 GMT, up 1.7% this week.
May copper contracts, the most traded on the Shanghai Futures Exchange, closed 0.1% higher at 66,720 yuan ($ 10,171.97) a tonne.
“Optimism about loose monetary policy in the US has been offset by rising fears about inflation in China,” Marex Spectron commodity broker Anna Stablum said in a note.
Factory prices in China in March exceeded analysts’ expectations, as they will grow at the fastest pace since July 2018.
Despite data showing that the economic recovery in China is gaining momentum, investors were worried that the country’s central bank would tighten monetary policy, reducing the money supply in financial markets.
* Chinese battery materials manufacturer CNGR Advanced Material Co is planning a joint venture in Indonesia to produce nickel matte used in the production of battery chemicals for electric vehicles with a partner in Singapore.
* China’s Jiangxi Copper Co is not building or investing in a previously planned project to produce refined copper from scrap in eastern Malaysia, the chairman said.
* Aluminum on the London Metal Exchange fell 0.4% to $ 2,273.50 a tonne, while zinc fell 1% to $ 2,825. In Shanghai, nickel rose 0.4% to 126,170 yuan a tonne, while tin fell 0.6% to 181,560 yuan.
Three-month copper on the London Metal Exchange
The most active copper SHFE
Aluminum at the LME in three months
The most active SHFE aluminum
Zinc on the LME in three months
The most active zinc SHFE
Three-month leadership at the LME
The most active SHFE outlet
Three-month nickel on the London Metal Exchange
The most active nickel SHFE
Banking bank on the LME for three months
The most active tin SHFE
1 dollar = 6.5592 yuan Reporting by Mai Nguyen Edited by David Goodman