Mumbai, 17 Jun (Commoditiescontrol): Copper prices opened lower this week following disappointing May industrial output data from China, alongside the impact of a strong U.S. dollar. The three-month copper contract on the London Metal Exchange fell 0.2% to $9,724 per metric ton, after a flat performance the previous week. Similarly, the most-traded July copper contract on the Shanghai Futures Exchange declined by 1% to 78,880 yuan ($10,872.35) per ton.
China's industrial output in May failed to meet expectations, largely due to ongoing weakness in the property sector, a significant consumer of industrial metals. However, retail sales showed some acceleration. Copper prices, often considered a barometer of economic health, had surged to record highs in May due to speculative buying driven by raw material shortages. This was followed by corrections as China's demand remained weaker than anticipated.
The U.S. dollar's firmness on Monday also contributed to the downward pressure on copper prices. The euro remained near a one-month low amid persistent political uncertainties in Europe.
In other metals, the London Metal Exchange saw mixed movements: nickel rose 0.3% to $17,620 per ton, aluminium dipped 0.2% to $2,513.50, tin added 0.9% to $32,600, zinc advanced 0.7% to $2,788, and lead increased by 1.3% to $2,166.50. On the Shanghai Futures Exchange, nickel dropped 0.6% to 136,560 yuan per ton, aluminium fell 1.2% to 20,420 yuan, zinc decreased 1.4% to 23,350 yuan, and tin was down 1.2% to 268,200 yuan, while lead rose 0.8% to 18,705 yuan.
As markets react to the latest economic data from China and the firm U.S. dollar, copper and other industrial metals are likely to experience continued volatility in the near term.
(By Commoditiescontrol Bureau: 09820130172)
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