BEIJING, March 6 (Reuters) – Copper prices extended their decline on Wednesday, as a steady U.S. dollar dampened the greenback-priced commodity’s appeal, while a lack of policy support from top consumer China at its key parliament meeting left traders disappointed.
Three-month copper on the London Metal Exchange CMCU3 was down 0.1% at $8,486.50 per metric ton by 0130 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange SCFcv1 slipped 0.3% to 68,940 yuan ($9,579.66) per ton.
The dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank rate decision and U.S. jobs data later this week.
China’s 5% growth target for 2024, as widely expected, failed to cheer up investors.
“The lack of details on any new policy measures left the market indifferent,” analysts at ANZ said in a note.
“This comes amid little signs of a ramp-up for China’s construction sector, despite the nation entering its usual seasonal building peak period during March and April,” they added.
LME aluminium CMAL3 eased 0.2% to $2,224.50 a ton, nickel CMNI3 dropped 0.9% to $17,595, zinc CMZN3 edged down 0.1% at $2,452, tin SSNcv1 was down 0.2% at $26,770, while lead CMPB3 climbed 0.2% to $2,050.
SHFE nickel SNIcv1 fell 2% to 134,640 yuan a ton, tin SSNcv1 lost 0.4% at 218,470 yuan, aluminium SAFcv1 slid 0.3% to 18,995 yuan and zinc SZNcv1 declined 0.2% to 20,730 yuan, while lead SPBcv1 gained 0.1% at 16,000 yuan.
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($1=7.1965 Chinese yuan)
(Reporting by Siyi Liu and Mei Mei Chu; Editing by Sherry Jacob-Phillips)
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