Base metals drop

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Most nonferrous metals fell on Tuesday as traders were left disappointed at the lack of fresh supportive measures from top consumer China’s key political meeting.

Three-month copper on the London Metal Exchange (LME) was down 0.4 percent  at $8,506.50 per metric ton, while the most-traded April copper contract on the Shanghai Futures Exchange (SHFE) rose 0.1 percent  to 69,060 yuan ($9,594.86) per metric ton.

LME aluminum eased 0.3 percent  to $2,227 a ton, nickel dropped 1.3 percent  to $17,710, zinc shed 0.5 percent  to $2,436, lead declined 0.5 percent  to $2,041.50 and tin dropped 1 percent  to $26,560.

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SHFE nickel fell 0.4 percent  to 136,730 yuan a ton, tin eased 0.1 percent  to 218,300 yuan, lead was nearly flat at 15,980 yuan, while aluminum rose 0.3 percent  to 19,045 yuan and zinc increased 0.3 percent  to 20,645.

Investors and traders have been awaiting fresh stimulus measures from China’s top leaders to boost economic growth and metals consumption, which has been subdued after the Lunar New Year holiday.

So far, Beijing set a widely expected 5 percent  growth target for 2024, dampening risk sentiment across Chinese and other Asian equities markets. The annual gathering of the country’s parliament will last until March 11.

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