April 11 (Reuters)Shanghai aluminium prices fell to a near four-week low on Monday and nickel slipped more than 4%, as a stronger dollar and demand worries due to continued COVID-19 lockdowns in China weighed on the metals.

FUNDAMENTALS

* The most-traded May aluminium contract on the Shanghai Futures Exchange SAFcv1 was down 1.7% at 21,425 yuan ($3,364.95) a tonne, as of 0146 GMT.

* ShFE nickel SNIcv1 dropped 4.4% to 203,990 yuan ($32,038.13) a tonne, its lowest since March 23. Three-month copper on the London Metal Exchange CMCU3 eased 0.3% to $10,288 a tonne.

* The U.S. dollar index =USD topped 100 for the first time in nearly two years on Friday and was steady at 99.805 in morning trade, supported by the prospect of a more aggressive pace of Federal Reserve tightening. FRX/

* A stronger dollar makes greenback-denominated metals more expensive for buyers using other currencies.

* Chinese financial centre Shanghai, a city of 26 million people, has been locked down under its “zero tolerance” for COVID-19. The city reported 25,173 new asymptomatic cases and 914 symptomatic cases for April 10.

* China’s factory inflation eased slightly in March but beat expectations, data showed on Monday, as the country grapples with cost pressures caused by Russia’s invasion of Ukraine and persistent supply chain bottlenecks.

* For the top stories in metals and other news, click TOP/MTL or MET/L

MARKETS NEWS

* Asian shares slipped ahead of a week thronging with central bank meetings and U.S. inflation data, while the euro eked out a gain on relief the far right did not win the first round of the French presidential elections. MKTS/GLOB

DATA/EVENTS (GMT)

0130 China CPI YY March

0130 China PPI YY March

0600 UK Manufacturing Output MM Feb

0600 UK GDP Estimate Feb PRICES Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Most active ShFE nickel SNIcv1

Three month LME tin CMSN3 Most active ShFE tin SSNcv1

ARBS

LMESHFCUc3

LMESHFALc3

LMESHFZNc3

LMESHFPBc3

LMESHFNIc3

($1 = 6.3671 Chinese yuan)

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))

Source: Nasdaq

LEAVE A REPLY

Please enter your comment!
Please enter your name here