SINGAPORE, April 2 (Reuters) - Copper prices fell for
the first time in five sessions on Thursday, weighed down by
renewed concerns over economic growth after U.S. President
Donald Trump failed to provide a clear outline on ending the
Iran war.
The benchmark three-month copper on the London Metal
Exchange fell 0.83% to $12,331.50 a metric ton as of
0146 GMT.
The most-active copper contract on the Shanghai Futures
Exchange lost 0.36% to 91,190 yuan ($13,250.32) a ton.
Stocks fell, the dollar firmed, and oil rose after U.S.
President Donald Trump said Washington's "core strategic
objectives" in the Iran war were nearing completion but stopped
short of providing a clear outline of when the conflict would
end.
The United States will carry out aggressive strikes on Iran over
the next two to three weeks and is nearing completion of its
main strategic objectives in the war, President Donald Trump
said in a prime-time address to the nation on Wednesday.
Analysts say copper prices have increasingly moved inversely to
oil and in line with equities, and a weaker economic backdrop
driven by inflationary fears and supply chain disruptions would
dampen copper demand.
Elsewhere on the LME, aluminium nudged 0.48% lower,
zinc fell 0.74%, lead lost 0.59%, nickel
shed 0.55% and tin softened 2.6%.
Recent arrivals of imported copper at Chinese ports have
weighed on spot discounts, adding to already high inventories
and pressuring Chinese copper prices downward, a note from the
Shanghai Metals Market said.
Among other metals on the SHFE, aluminium ticked 0.16%
higher, zinc edged up 0.72%, lead rose 0.72%,
nickel nudged 0.9% lower and tin lost 2.2%.
Thursday, April 2
DATA/EVENTS
1230 US International Trade $ Feb
1230 US Initial Jobless Clm Mar 28, w/e
($1 = 6.8821 yuan)