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Shanghai copper dips for second session as China's stimulus plan disappoints



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Oct 9 (Reuters) -Copper prices in Shanghai dropped for a second straight session on Wednesday, pressured by doubts over economic recovery in top metals consumer China.

The most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 was down 0.8% at 77,560 yuan ($10,975.73) a metric ton by 0141 GMT.

Three-month copper on the London Metal Exchange CMCU3 rose 0.3% at $9,771.5 per metric ton, but hovered close to a two-week low hit in the previous session.

China, one of the world's major consumers of base metals, expressed confidence on achieving its full-year growth target. But a failure to sufficiently detail new or large measures sparked concerns about Beijing's commitment to pull the economy out of its current slump.

"The commission merely expressed its conviction that economic development was stable and sustainable. This came as a rude awakening and shows once again how thin the air is after the recent rally (in base metals)," Commerzbank said in a note.

"Analysts are now waiting for further details from the Ministry of Finance. The longer they have to wait, the more the metal prices are likely to fall."

SHFE aluminium SAFcv1 fell 0.6% to 20,570 yuan a ton, nickel SNIcv1 declined 0.4% to 134,940 yuan, zinc SZNcv1 dropped 1.5% to 25,180 yuan, lead SPBcv1 lost 0.4% to 16,890 yuan, while tin SSNcv1 fell 1.2% to 265,170 yuan.

LME aluminium CMAL3 edged down 0.5% at $2,559.5, its lowest level since Sept. 26.

LME nickel CMNI3 was flat at $17,770 a ton, lead CMPB3 eased 0.1% to $2,100.5, while zinc CMZN3 fell 0.3% to $3,081.5 and tin CMSN3 added 0.4% to $32,995.


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Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips

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