Aluminum and copper prices fell on Wednesday on concerns about weaker demand, after data from China, the world’s top metals consumer, highlighted weakness in the construction sector.
* Three-month aluminum on the London Metal Exchange fell 0.8% to $2,470 a tonne by 1040 GMT.
* China’s factory inflation eased to a 17-month low in July, data showed on Wednesday, as a slowdown in the domestic construction sector weighed on demand for raw materials.
* The construction sector is a key driver of demand for both copper and aluminum.
* Copper on the London Metal Exchange (LME) fell 0.1% to $7,975.50 a tonne, after earlier falling as low as $7,889.
* Traders were nervous ahead of US consumer inflation figures due to be released at 1230 GMT and likely to show July prices rose at an 8.7% annual pace, according to a Reuters poll. which would mean a small downward correction from 9.1% in June.
* Even if the data is weaker than expected, the US Federal Reserve is expected to raise interest rates at its September meeting, continuing a campaign to curb inflation that some investors fear could spark a recession.
* The most-traded copper contract on the Shanghai Futures Exchange, the September contract, fell 0.3% to 61,040 yuan ($9,031.99) a tonne.
* Among other base metals, LME zinc rose 1% to $3,570 a tonne, its highest since June 22, nickel fell 0.6% to $21,430, tin fell 0.5 to $24,300. dollars and lead gained 0.4% to $2,174.
* To view up-to-date base metal prices:
– COPPER
– LEAD
– TIN
– NICKEL
– ALUMINUM
– ZINC
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.
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