Metals

METALS-Base metals prices fall on China COVID worries, firm dollar

Oct 28 (Reuters)Copper and other industrial metal prices fell on Friday, hit by a stronger U.S. dollar and worries over demand in top consumer China amid rising coronavirus cases.

The dollar edged up after a jump overnight, making greenback-priced more expensive to holders of other currencies.

Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks.

Three-month copper on the London Metal Exchange CMCU3 declined 0.9% to $7,694 a tonne by 0151 GMT, and the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.2% to 63,360 yuan ($8,762.88) a tonne.

LME aluminium CMAL3 fell 1.9% to $2,244 a tonne, tin CMSN3 dropped 1.1% to $18,480 a tonne, zinc CMZN3 tumbled 1% to $2,913 a tonne and lead CMPB3 eased 0.2% to $1,861 a tonne.

SHFE aluminium SAFcv1 shed 1.3% to 18,445 yuan a tonne, nickel SNIcv1 declined 1.4% to 185,510 yuan a tonne, tin SSNcv1 dropped 3.1% to 161,080 yuan a tonne and zinc SZNcv1 fell 1% to 23,915 yuan a tonne.

Production cuts in Europe because of the energy crisis and low inventories have sustained zinc prices over the last year, but headwinds emanating from growth and demand slowdown are now a bigger challenge for the market.

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TOP/MTL or MET/L DATA/EVENTS (GMT) 0630 France GDP Preliminary QQ Q3

0645 France CPI (EU Norm) Prelim YY Oct

0645 France Producer Prices YY Sept

0800 Germany GDP Flash QQ SA, YY NSA Q3

0900 EU Consumer Confid. Final Oct

0800 Germany CPI Prelim YY Oct

0800 Germany HICP Prelim YY Oct

1230 US Consumption, Adjusted MM Sept

1400 US U Mich Sentiment Final Oct

($1 = 7.2305 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)

((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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