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The most-traded October copper contract on the SHFE stood at 48,020 yuan ($7,033) per tonne as at 10.28am Shanghai time, down by 0.3% or 150 yuan per tonne from Monday’s close.
“Industrials remained under pressure as rising trade tensions kept investor sentiment subdued. President Trump’s war of words against Canada amid negotiations of the [North American Free Trade Agreement] raised concerns that his stance against other countries such as China would remain combative,” ANZ Research noted on Tuesday.
“This wasn’t helped by data showing some weakness in China’s export-focused manufacturing sector,” ANZ Research added.
On Monday, the Caixin purchasing managers’ index (PMI) reading showed manufacturing growth in China slowed to a 14-month low of 50.6 in August from 50.8 in July.
Additionally, mounting trade tensions have also facilitated upticks in the dollar index, which is now back over 95, and adding downward pressure to prices amid continued trade disagreements between the United States and China.
The dollar index was up 0.12% to 95.25 as at 11.20am Shanghai time.
Lead was the lone metal on the SHFE to trade in positive territory on Tuesday morning, with the metal’s most-traded October contract climbing to 19,050 yuan per tonne as 10.28am Shanghai time, up by 185 yuan per tonne or 1% from Monday’s close.
“[Lead] prices were underpinned by the decline in global stocks,” a Shanghai-based analyst said.
Global lead stocks are down just over 23% this year due to a supply deficit of approximately 39,000 tonnes in the first half of 2018 and ongoing supply disruptions from China – largely due to the country’s environmental crackdown.
Base metals prices
Currency moves and data releases