HANOI- Shanghai copper prices fell on Monday, after ending February with their best monthly gain in nearly 12 years, as top consumer China reported subdued factory growth due to brief COVID-19-related disruptions.
The most-traded April copper contract on the Shanghai Futures Exchange was down 2.5 percent at 67,440 yuan ($10,434.46) a ton.
The contract rose 18.9 percent in February, its biggest monthly jump since March 2009.
China’s February official manufacturing Purchasing Manager’s Index (PMI) fell to 50.6 from 51.3 in January, official data showed, hitting its lowest level since last May and missing market expectations of 51.1.
“The weaker PMI was impacted by the high commodity prices, which made downstream producers wait and see and restrict some of producing demand,” said CRU Group’s China copper analyst He Tianyu.