Copper prices fell  0.2 percent to $9,397.50 per tonne, nickel prices fell 1.8 percent to CNY 135,240 per tonne, copper prices fell 0.8 per cent to CNY67,960 per tonne, and zinc prices fell 0.4 per cent to CNY21,740. CNY/ton.

Copper prices fell in the first session of the week as profit growth at industrial companies in China slowed, inventories increased.
Three-month copper on the London Metal Exchange (LME) fell 0.2 percent to $9,397.50 a tonne. This metal hit a record of 10,747.5 USD/ton in May.
Profit growth at Chinese industrial firms slowed compared to May due to soaring raw material prices.
High prices have prompted the Chinese government to release the country’s metal stockpile to cool off.
According to brokerage Marex, funds cut their LME long positions for the sixth consecutive week.
Investors are watching the progress of a $1.2 trillion infrastructure deal that could benefit metal demand.
On the London bourse, copper fell 0.8 percent to $9,312 a tonne, nickel fell 0.7 percent to $18,175 a tonne, while lead rose 0.3 percent to $2,239.50 a tonne.
On the Shanghai Stock Exchange, nickel prices fell 1.8% to CNY 135,240/ton, copper prices fell 0.8% to CNY67,960/ton and zinc prices fell 0.4% to CNY21,740/ton.

China’s factory activity in June may expand at a slower pace, affected by the re-emergence of the COVID-19 epidemic in the major exporting province of Guangdong.

Source: VITIC/Reuters

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