Copper falls to lowest in 3 months on absence of China stimulus
Updates prices, adds quotes
By Mai Nguyen
July 19 (Reuters) -Copper prices hit their lowest in more than three months on Friday, with London copper set for the biggest weekly fall since November 2022due to the lackof Chinese stimulusmeasures.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.2% to $9,408.50a metric ton at 0423 GMT, paring losses after falling as much as 0.6% to $9,328.50 earlier in the session, its lowest since April 11.
The most-traded August copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 1.7%to 76,820 yuan ($10,571.95) a ton at the midday break. Earlier in the session, it lost as much as 2.4% to 76,300 yuan, the lowest since April 11.
For the week, LME copper was down 4.7%, on track for its biggest weekly fall since November 2022. SHFE copper was down 3% week-on-week.
China's key political meeting this week did not provide any details on further stimulus measures despite the economy struggling to maintain a strong growth momentum, weighing down ondemand prospects in the world's biggest consumer of metals.
"Market is crediting the fall to the third plenum lacking stimulus, but ... hopes were not high to begin with. It's just a tempering of expectations," said a trader, referring to the meeting of the Chinese Communist Party's Central Committee.
Other metals also hit multi-month lows.
LME aluminium CMAL3 hit the lowest since April 3 of $2,367.50 a ton, and SHFE aluminium SAFcv1 fell as much as 0.9% to 19,535 yuan, the lowest since March 28.
LME nickel CMNI3 hit $16,385, a four-month low.
Both nickel and aluminium were weighed down by rising output in their major producing countries.
LME lead CMPB3 eased 0.3%to $2,151, tin SSNcv1 declined 0.3% to $31,520 and zincCMZN3 edged down 0.1% at $2,807.
SHFE nickel SNIcv1 edged up 0.2% to 131,060yuan, zinc SZNcv1 fell 0.7% to 23,505 yuan a ton, lead SPBcv1 shed 0.4% to 19,840 yuan and tin SSNcv1 dropped 2.7% to 261,840 yuan.
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Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich and Janane Venkatraman
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