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REUTERS
May 8, 2018

Copper down

Business

REUTERS
May 8, 2018

Melbourne: Shfe copper edged down 0.2 percent on Monday after weekly China exchange stocks surged by nearly 15,000 tonnes or 6 percent on Friday.

Shanghai zinc climbed off nine month lows to rally 1 percent on Monday, as consumers bought into the metal that has been in a shortage for much of the past year. Shanghai Futures Exchange zinc rose 1 percent, having hit its weakest since last August in the session before at 23,145 yuan ($3,639.78) a tonne amid concerns over steel demand in light of tariffs imposed by the US. Prices may come under pressure later in the session, with Shfe rebar down 1.2 percent.

The London Metal Exchange was closed on Monday for a bank holiday weekend. A flurry of Chinese data in coming weeks is expected to show the world´s second-largest economy remained strong in April, underpinned by a pick-up in industrial output and a rebound in exports despite rising trade tensions with the United States.

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