Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

LME copper set for first weekly loss in six on credit squeeze, price cap fears

05/13/2021 | 11:43pm EDT

HANOI, May 14 (Reuters) - London copper prices fell on Friday and were on track for their first weekly decline in over a month, as worries of tightening credit and potential commodities price cap in China dampened sentiment.

Three-month copper on the London Metal Exchange dipped 0.2% to $10,324 a tonne by 0318 GMT, down 0.9% on a weekly basis, its first decline since the week ended April 2.

The most-traded June copper contract on the Shanghai Futures Exchange fell 1.3% to 75,000 yuan ($11,634.40) a tonne.

China's new bank loans fell more than expected in April while money supply growth slowed to a 21-month low, as the central bank gradually scales back pandemic-driven stimulus to reduce debt and financial risks in hot areas of the economy.

Earlier this week, China's state council said the country, the world's biggest metals consumer, will monitor changes in overseas and domestic markets and effectively cope with a fast increase in commodity prices, without specifying how.

Both copper contracts hit their record high on Monday.

FUNDAMENTALS

* LME aluminium rose 0.5% to $2,463.50 a tonne, nickel increased 0.3% to $17,370 a tonne and zinc advanced 0.3% to $2,928.50 a tonne.

* In Shanghai, aluminium fell 0.7% to 19,575 yuan a tonne, nickel dropped 1.5% to 128,500 yuan a tonne while lead declined 2% to 15,100 yuan a tonne.

* Russian metals producer Nornickel has resumed full operations at its nickel-copper Oktyabrsky mine hit by flooding this year.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Japanese shares led a rebound in Asian markets, building on the lead from investors on Wall Street snapping up stocks that would benefit most from an economic recovery.

DATA/EVENTS (GMT)

0630 India WPI Inflation YY April

1230 US Retail Sales MM April

1315 US Industrial Production MM April

1400 US U Mich Sentiment Prelim May

($1 = 6.4464 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MINING AND METALLURGICAL COMPANY NORILSK NICKEL 0.89% 34.06 Delayed Quote.8.11%
S&P GSCI ALUMINUM INDEX 0.53% 156.9652 Delayed Quote.23.30%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.23% 6.45302 Delayed Quote.-0.42%
Latest news "Economy & Forex"
10:01aSterling set for worst month vs dollar since September
RE
09:59aEU strikes deal on huge farm subsidies, ending three years of negotiations
RE
09:54aOSAMU NAGAYAMA : Toshiba CEO Tsunakawa named interim chairman after investors oust Nagayama
RE
09:49aC$ adds to weekly gain as investors cheer U.S. inflation data
RE
09:48aTSX opens lower as BlackBerry falls; index heads for weekly gain
RE
09:46aGlobal dirty money watchdog adds Malta to 'grey list', keeps Pakistan
RE
09:44aOil on track for fifth weekly gain on strong demand
RE
09:40aS&P 500 hits new peaks after May inflation data misses estimates
RE
09:34aFTSE Gains, Fed Could Tighten Before BOE, Denting Pound Vs Dollar
DJ
09:29aFactbox-Europe's fight to make farming subsidies 'green'
RE
Latest news "Economy & Forex"