Copper, nickel fall amid fears of easing stimulus in China
(Adds quotes, details)
By Mai Nguyen
SINGAPORE, April 23 (Reuters) - Copper and nickel prices
fell on Tuesday amid worries China may ease its stimulus
measures after its economy showed some signs of recovery.
A top party decision-making meeting in China on Friday
affirmed authorities' support for the economy, but also said
they would push forward structural de-leveraging and prevent
speculation in the property market, suggesting attention may be
turning back to debt risks that any further major stimulus
measures may create.
The news sent Chinese stocks down in their worst session in
nearly four weeks on Monday.
"People are worried that the accommodative policy may face
an end," said Shanghai-based copper analyst He Tianyu of metals
Three-month copper on the London Metal Exchange fell
0.4 percent to $6,451 a tonne by 0333 GMT, while the most active
copper contract on the Shanghai Futures Exchange
declined 0.4 percent to 49,170 yuan ($7,325.36) a tonne.
Benchmark nickel dropped as much as 0.9 percent to
$12,560 a tonne, its lowest intra-day level since Feb. 19, while
Shanghai's most active nickel contract fell 1.2 percent
to 98,490 yuan a tonne.
* NICKEL DEFICIT: The global nickel market deficit narrowed
to 2,000 tonnes in February from a revised deficit of 3,700
tonnes in January, and was much smaller than a 7,200-tonne
deficit in the same month last year, the International Nickel
Study Group said on Monday.
* CHINA: China should fine-tune monetary policy in a
pre-emptive way based on economic growth and price changes, the
official Xinhua News Agency said on Monday, citing a top-level
meeting chaired by President Xi Jinping.
* U.S. HOME SALES: U.S. home sales fell more than expected
in March as rising demand stoked by declining mortgage rates and
slowing house price inflation continued to be frustrated by a
lack of properties, especially in the market's lower-priced
* PRICES: London aluminium rose 0.6 percent, while
zinc advanced 0.5 percent. Most Shanghai base metals
were down, except for aluminium which edged up 0.3
* For the top stories in metals and other news, click
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 6.7123 Chinese yuan)
(Reporting by Mai Nguyen; editing by Richard Pullin and
First Published: 2019-04-23 04:12:59
Updated 2019-04-23 06:02:24
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