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Nonferrous metals prices fell in London on Tuesday, retreating from gains in the previous session, as investors and traders pulled back ahead of key data in China and the United States. Three-month copper on the London Metal Exchange (LME) fell 0.2% to $8,634 per metric tonne by 0226 GMT, aluminium declined 0.4% to $2,250, nickel decreased $18,305 and zinc dipped 0.3% to $2,558.50.
LME lead CMPB3 eased 0.2% to $2,122.50 a tonne and tin shed 0.6% to $27,470. The London prices have been pressured by subdued economic growth outlook, poor manufacturing data and the lack of a big stimulus support from top metals consumer China. The US inflation data due later in the day could move the dollar, and ultimately metals prices due to trading activities by funds that buy and sell on signals from numerical models.
China is also scheduled to release its loan data this week, which includes the total social financing numbers - a key indicator of future metals demand. Chinese banks lending is expected to have pulled back sharply in February from a record high a month earlier due to seasonal factors.
The most-traded May copper contract on the Shanghai Futures Exchange (SHFE) edged up 0.1% at 69,650 yuan ($9,703.40) a tonne, tracking overnight gains in London. SHFE aluminium increased 0.2% to 19,85 yuan and nickel SNIcv1 jumped 2.3% to 140,660 yuan.
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