Shanghai copper dips for second day as China's stimulus plan disappoints
Adds comments, details and updates prices
Oct 9 (Reuters) -Copper prices in Shanghai extended declines to a second straight session on Wednesday as China's latest stimulus announcement failed to soothe doubts over economic recovery in the top metals consumer.
The most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 was down 1% at 77,430 yuan ($10,959.66) a metric ton by 0312 GMT.
Three-month copper on the London Metal Exchange CMCU3 rose 0.2% at $9,763 per metric ton but hovered close to a two-week low hit in the previous session.
"Copper prices could fall further from the current level if we don't get any more concrete information from China," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific
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.
Chairman of the National Development and Reform Commission (NDRC) Zheng Shanjie said on Tuesday that the government planned to issue 200 billion yuan ($28.3 billion) in advance budget spending and investment projects from next year.
"Attention will now turn to any follow-through in terms of a recovery in economic conditions to validate policy success," IG market strategist Yeap Jun Rong said.
LME aluminium CMAL3 fell 0.6% at $2,556.5, its lowest level since Sept. 26.
LME nickel CMNI3 slipped 0.3% to $17,720 a ton, lead CMPB3 eased 0.7% to $2,088.5, while zinc CMZN3 fell 1% to $3,060 and tin CMSN3 added 0.6% to $33,065.
SHFE aluminium SAFcv1 fell 0.8% to 20,530 yuan a ton, nickel SNIcv1 declined 0.5% to 134,760 yuan, zinc SZNcv1 dropped 2.3% to 24,980 yuan, lead SPBcv1 lost 0.9% to 16,805 yuan, while tin SSNcv1 fell 1.5% to 264,370 yuan.
Meanwhile, BMI hiked its zinc price forecast for 2024 to $2,700, citing that tighter market fundamentals propel prices higher.
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Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Eileen Soreng
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