BEIJING, April 4 (Reuters) – Prices of most base metals ticked lower on Tuesday, weighed down by concerns over global demand amid economic growth slowdown and inflation worries, even as supply uncertainty prevailed.
Three-month copper on the London Metal Exchange CMCU3 slid 0.3% to $8,895 a tonne by 0224 GMT, extending losses from the previous session.
The most-traded May copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.4% to 69,070 yuan ($10,034.58) a tonne.
Investor sentiment was also hampered by China’s factory activity, which lost momentum in March amid still-weak export orders.
Analysts from ANZ research noted Chile, the world’s largest copper producer, posted its lowest production in six years.
“State-owned firm Codelco warned its output woes of 2022 will only get worse this year as it strives to revive its aging operations following years of under-investment,” they added.
Japan’s Sumitomo Metal 5713.Tsaid on Monday it plans 11% cut in FY2023/24 copper output.
Among other metals, LME aluminium CMAL3 was down 0.5% at $2,385 a tonne, tin CMSN3 fell 2.1% to $25,500, zinc CMZN3 shed 0.5% to $2,883 and nickel CMNI3 moved down 1.5% to $23,025, while lead CMPB3 edged up 0.1% to $2,116.50
The dollar wobbled after a slump in U.S. manufacturing activity last month pointed to further signs of a slowing economy and trumped renewed inflation concerns following OPEC+’s surprise output cut.
SHFE aluminium SAFcv1 eased 0.3% to 18,640 yuan, zinc SZNcv1 declined 0.8% to 22,460 yuan, lead SPBcv1 dipped 0.1% to 15,195 yuan, tin SSNcv1 fell 1.1% to 203,090 yuan, and nickel SNIcv1 lost 1% to 176,520 yuan a tonne.
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(Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)
((Siyi.Liu@thomsonreuters.com;))
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