METALS-London copper eases as China exports worries of data fans
(Updates prices, adds details and quotes)
HANOI, June 7 (Reuters) – Copper prices in London fell on Monday, as lower than expected Chinese export data raised concerns over weakening demand for the red metal, which is often viewed as an indicator of the world economy because of its wide uses.
Three-month copper on the London Metal Exchange was down 0.4% to $ 9,912 per tonne, at 0502 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange was up 0. 5% to 71,500 yuan ($ 11,171.88) per ton, depending on earnings. in London scaled in the previous session.
China’s exports in May were up 27.9% year on year, but slower than the 32.3% growth in April, and analysts’ forecast missing 32.1%, an economist attributing an outbreak in the manufacturing center of Guangdong which slowed down activities in its ports due to the drop in shipments.
“The only news that has come out since (the drop) is export data from China,” said a Singapore-based metals trader.
“Friday’s rebound had already run its course, so there is a need to come back down before (price) can rise. The medium to long term view is still bullish due to a weaker US dollar, ”the trader added, referring to a 1.7% gain in London on Friday.
* Aluminum ShFE rose 1% to 18,485 yuan per tonne, nickel fell 0.2% to 130,710 yuan per tonne, tin rose 1% to 204,720 yuan per tonne, while lead fell 0.9% to 14,960 yuan per ton.
* LME nickel fell 0.8% to $ 17,880 per tonne while zinc fell 0.8% to $ 2,987 per tonne.
* Russian nickel producer Nornickel has resumed ore mining at the second of its two flood-affected mines this year.
* The global copper smelter extended its rebound in May, hitting new highs for the year as operations continued to benefit from high prices, data from copper mill satellite monitoring showed.
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$ 1 = 6.4,000 yuan Reported by Mai Nguyen, edited by Sherry Jacob-Phillips