Copper heads for second weekly fall on global growth concerns
Updates with official prices
By Polina Devitt
LONDON, Sept 6 (Reuters) -Copper prices were on track for a second consecutive weekly fall on Friday as concerns about global economic growth were inflated by slowing manufacturing activity in top metals consumer China, keeping industrial metals under pressure.
The three-month copper contract CMCU3 on the London Metal Exchange (LME) rose 0.5% to $9,133 a metric ton in official open-outcry trading but was down 1% over the week.
"We expect manufacturing PMIs to remain weak for the next couple of months, precluding a meaningful imminent metals price rally on cyclical demand recovery prospects," Citi analysts said in a note.
Copper, used in power and construction, has lost 18% since a May rally to a record high of $11,104, buoyed by speculative buying on potential shortages resulting from future demand for electric vehicles and AI data centres.
With the U.S. Federal Reserve widely expected to start cutting interest rates this month, investor focus is on the size and speed of cuts and their effect on the dollar's strength. FRX/
"While markets are pricing a first Fed rate cut this month, we think more time will need to pass for stronger physical and financial data to emerge and convince investors to meaningfully rebuild positions in metals as a global growth rebound proxy," Citi added.
Meanwhile, the Yangshan premium SMM-CUYP-CN of $62 a ton - having swung from a discount in July - suggests more robust copper demand in China, which is approaching a holiday period this month and next.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.9% this week to their lowest since March.
In other metals, LME tin CMSN3 jumped 2% to $31,400 a ton in official activity and is up 21% this year on tight supply and strong demand from energy transition, visible in rising semiconductor sales, BofA Securities analysts said.
BofA forecasts average tin prices of $37,000 by 2026.
LME aluminium CMAL3, meanwhile, rose 0.4% to $2,388, zinc CMZN3 added 1% to $2,766, lead CMPB3 was down 0.2% at $1,992 and nickel CMNI3 lost 0.6% to $15,990.
Reporting by Polina Devitt in London
Additional reporting by Mai Nguyen in Hanoi
Editing by David Goodman
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