Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Base metals fall amid China COVID protests

11/27/2022 | 09:40pm EST

BEIJING, Nov 28 (Reuters) - Prices of base metals fell on Monday as protests in several Chinese cities against the country's strict COVID-19 curbs sparked uncertainty and dampened investor sentiment.

Three-month copper on the London Metal Exchange was down 1.9% at $7,854 a tonne, as of 0207 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange shed 1.3% to 64,150 yuan ($8,875.82) a tonne.

Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China's stringent COVID curbs flared for a third day and spread to several cities in the wake of a deadly fire in the country's far west.

The protests raised worries about management of the virus in the world's second-largest economy and sent Asian stocks lower in early trade on Monday. The protests also led investors towards the safe-haven U.S. dollar.

A stronger greenback makes it more expensive for non-dollar holders to buy dollar-priced commodities.

China's industrial firms saw overall profits decline further in the January-October period as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity.

Industrial profits fell 3.0% in the first 10 months of 2022 from a year earlier. That compared with a 2.3% drop for January-September, National Bureau of Statistics data released on Sunday showed.

Among other metals, LME aluminium slid 0.9% to $2,342 a tonne, zinc dropped 1% to $2,890 a tonne and lead slipped 0.7% to $2,102 a tonne.

SHFE aluminium dropped 1.4% to 18,630 yuan a tonne, zinc slipped 0.5% to 23,480 yuan a tonne, tin shed 1.8% to 181,050 yuan a tonne, and nickel was down 2.9% at 193,100 yuan a tonne.

For the top stories in metals and other news, click or ($1 = 7.2275 Chinese yuan) (Reporting by Beijing Newsroom; Editing by Subhranshu Sahu)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
S&P GSCI ALUMINUM INDEX -1.61% 156.5894 Real-time Quote.6.42%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.22% 6.79242 Delayed Quote.-2.06%
Latest news "Economy"
05:54pU.S. House votes to end foreign air traveler COVID vaccine requirement
RE
05:50pJPMorgan CEO says economy doing 'OK' but cites potential storm clouds
RE
05:37pThe WSJ Dollar Index Rises 0.14% to 96.32 -- Data Talk
DJ
05:37pEuro Lost 0.16% to $1.0713 -- Data Talk
DJ
05:37pSterling Gains 0.22% to $1.2073 -- Data Talk
DJ
05:36pDollar Gains 0.27% to 131.43 Yen -- Data Talk
DJ
05:32pU.S. Treasury's Yellen: inflation remains elevated but there are encouraging signs
RE
05:30pDogecoin Lost 2.48% to $0.090 at 5 p.m. ET -- Data Talk
DJ
05:30pEthereum Lost 0.88% to $1652.81 at 5 p.m. ET -- Data Talk
DJ
05:30pBitcoin Lost 1.04% to $22959.96 at 5 p.m. ET -- Data Talk
DJ
Latest news "Economy"