Base metals ease on global demand concerns
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 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 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 said on Monday it plans 11% cut in FY2023/24 copper output.
Among other metals, LME aluminium was down 0.5% at $2,385 a tonne, tin fell 2.1% to $25,500, zinc shed 0.5% to $2,883 and nickel moved down 1.5% to $23,025, while lead 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 eased 0.3% to 18,640 yuan, zinc declined 0.8% to 22,460 yuan, lead dipped 0.1% to 15,195 yuan, tin fell 1.1% to 203,090 yuan, and nickel lost 1% to 176,520 yuan a tonne.
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($1 = 6.8832 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)
