Copper heads for monthly decline as China stimulus disappoints
Updates prices
By Mai Nguyen
Oct 31 (Reuters) -Copper prices on Thursday were set for a monthly fall, weighed down by disappointment over the scale and lack of details on the stimulus measures announced so far by top consumer China.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.2% to $9,553 per metric ton by 0740 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed down 0.2% at 76,540 yuan ($10,748.79) a ton.
On a monthly basis, LME copper was down 3% and SHFE copper was 2.9% lower.
Prices surged in late September after a U.S.interest rate cut and as China unveiled a series of economic support programmes.
However, the scale of the stimulus measures and lack of details have disappointed market participants. Moreover, the uncertainty surrounding the U.S. presidential election, due on Nov. 5, has kept some traders and investors on the sidelines.
China's top legislative body will meet from Nov. 4-8, where market participants hope Beijing will announce more measures for its economy.
Lending some support to metals prices on Thursday, data showed that manufacturing activity in China expanded in October, for the first time in six months, indicating the stimulus measures are helping the battered economy turn a corner.
"It's good news for sure, but (prices) are being over-shadowed by government policy," said a trader.
LME aluminium CMAL3 rose 0.4% to $2,626.50, zinc CMZN3 edged up 0.6% at $3,103.50, tin CMSN3 climbed 1.2% to $31,335, while lead CMPB3 eased 0.1% to $2,002.50 and nickel CMNI3 increased 0.1% to $15,830.
SHFE aluminium SAFcv1 fell 0.5% to 20,710 yuan a ton, nickel SNIcv1 declined 0.4% to 123,840 yuan, zinc SZNcv1 edged up 0.8% at 25,275 yuan, tin SSNcv1 was nearly flat at 255,460 yuan, while lead SPBcv1 eased 0.1% to 16,620 yuan.
($1 = 7.1208 yuan)
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Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu and Savio D'Souza
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