BEIJING- Prices of most base metals in Shanghai fell on Wednesday as supply concerns eased after power supply resumed in Sichuan province, while weak manufacturing performance in the world’s second-largest economy also weighed on sentiment.
The most-traded October copper contract on the Shanghai Futures Exchange lost 0.6 percent to 62,030 yuan ($8,972.30) a ton.
China’s southwestern Sichuan province resumed its power supply to industrial and residential usage, and factories there have restarted their production after being ordered to shut down since Aug.15.
ShFE aluminum fell 1.2 percent to 18,320 yuan a ton, tin shed 1.5 percent to 191,820 yuan a ton, zinc dipped 0.1 percent to 24,900 yuan a ton, while nickel rose 3.5 percent to 170,540 yuan a ton after hitting an one-month low the day earlier.
Meanwhile, China’s factory activity in August contracted for a second straight month amid COVID-19 flare-ups, power rationing and the challenges in its embattled property sector.
The official manufacturing Purchasing Managers’ Index (PMI) edged up to 49.4 in August, from July’s 49.0. – Reuters
