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Base metals traded on Shanghai Futures Exchange were all down during Asian morning trading on Wednesday, with zinc, aluminium and tin prices dropping over 1%, following weaker-than-expected economic data from China overnight.
China’s total social financing growth, a broad measure of credit and liquidity in the economy, declined to 760.8 billion yuan ($118.8 billion) in May, less than half of the gain recorded in the preceding month. It was also the lowest reading in 22 months.
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Glencore-owned copper producer Katanga Mining has settled its legal dispute in the Democratic Republic of Congo (DRC) with state-run miner Gécamines and has agreed to resolve the capital deficiency at their jointly owned operating subsidiary, Kamoto Copper Co (KCC).
Global aluminium premiums were largely down this week, with the Rotterdam premium leading the charge downwards on slack spot demand and continued backwardation curve on the London Metal Exchange.
Aluminium scrap prices in the United States continued to maintain a steady footing with inventory positions and scrap flows generally in check, although some market participants reported signs of softness for the upcoming summer months.