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Shanghai base metals dip on China stimulus letdown

Base metals in Shanghai slipped on Monday as leading customer China's latest stimulus package fell short of expectations.

The most-traded December copper agreement on the Shanghai Futures Exchange (SHFE) fell 0.9% to 76,570 yuan ($ 10,668.06) a load by 0150 GMT.

SHFE aluminium dropped 1% to 21,445 yuan a heap, nickel declined 1% to 128,240 yuan, zinc lost 1.2% to 24,885 yuan, lead inched down 0.1% to 16,870 yuan, and tin relieved 0.5% at 260,280 yuan.

China's top legal body approved a $1.4 trillion package on Friday to relieve local government's surprise financial obligation burdens rather than directly injecting money into the world's. second-biggest economy, as some investors had actually hoped.

Information revealed that China's customer rates increased at the slowest. rate in 4 months in October, while manufacturer rate deflation. deepened.

China's debt swap strategy was frustrating and investors will. be seeing Beijing's crucial economic information today to assess. need, said Daniel Hynes, senior product strategist at ANZ.

The marketplace raised issues about U.S. President-elect Donald. Trump's risks to enforce China tariffs, which could negatively. impact metals need.

Nevertheless, copper stocks in warehouses monitored by the. SHFE fell 8.8% from Nov. 1, the exchange said on Friday, in a. indication of enhancing demand.

The three-month copper on the London Metal Exchange (LME). inched up 0.3% to $9,473 per metric lot.

LME aluminium increased 0.1% to $2,624 a heap, zinc. increased 0.4% to $2,990, lead added 0.2% to. $ 2,028.5, tin rose 0.1% to $31,680 while nickel. decreased 0.7% to $16,285.

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(source: Reuters)