Most base metals fall on firm dollar, weaker China data
Sept 3 (Reuters) -Most base metals prices fell on Tuesday, weighed down by a firm dollar and demand worry, following weak manufacturing data from top consumer China.
Three-month copper on the London Metal Exchange CMCU3 dipped 0.3% to $9,156 per metric ton by 0345 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.3% to 73,570 yuan ($10,327.93) a ton.
The dollar held close to a two-week high. A firmer dollar makes greenback-priced metals more expensive to holders of other currencies.
China's manufacturing activity sank to a six-month low in August, official data showed. The sector accounts for a large portion of metals demand and is one of the major indicators for the health of the Chinese economy.
"Commodities are getting smoked for the second day in a row. The selling is generic. Global Purchasing Managers' Indices are poor. There's no strong expectations of a demand (recovery)," a trader said.
"(I am) waiting for either stimulus or rate cuts. It's a longer-term view. Once rate cuts happen - and if they do so quick enough - countries can start releasing stimulus packages," the trader added.
However, decreasing inventories in SHFE warehouses CU-STX-SGH, which stood at 241,745 tons on Friday, the lowest since March 8, limited losses in copper.
LME aluminium CMAL3 dipped 0.4% to $2,414.50 a ton, nickel CMNI3 edged down 0.2% at $16,590, zinc CMZN3 fell 0.5% to $2,826, lead CMPB3 eased 0.3% to $2,053.50, while tin CMSN3 edged up 0.1% to $31,400.
SHFE aluminium SAFcv1 fell 0.5% to 19,560 yuan a ton, zinc SZNcv1 dropped 0.7% to 23,675 yuan, lead SPBcv1 edged down 0.1% at 17,335 yuan, tin SSNcv1 dropped 1.5% to 256,320 yuan while nickel SNIcv1 edged up 0.1% at 128,950 yuan.
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TOP/MTL or MET/L
DATA/EVENTS AHEAD (GMT)
1345 US S&P Global Mfg PMI Final August
1400 US ISM Manufacturing PMI August
($1 = 7.1234 yuan)
Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
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