METALS-Copper prices fall as Chinese demand doubts persist

January 31 (Reuters) – Copper prices fell on Tuesday as traders exercised caution after physical demand in China, the world’s biggest consumer of the metals, remained flat after a week-long holiday.

Three-month copper on the London Metal Exchange CMCU3 was down 0.2% at $9,195 a tonne at 0301 GMT, while the most traded copper contract in March on the Shanghai Futures Exchange SCFcv1 fell 0.2% to 69,570 yuan ($10,301.02) a ton.

Both copper contracts, however, are still set for a monthly gain, supported by a weaker US dollar, increased inflows and hopes that Chinese demand for the metal will improve after its restrictions are removed. restrictions related to COVID-19.

China’s manufacturing activity back to growth in January, exceeding expectations, as a wave of COVID-19 infections crossed the country faster than expected.

LME aluminum CMAL3 fell 0.8% to $2,570 a tonne, zinc CMZN3 fell 0.3% to $3,435.50 a ton, tin CMSN3 lost 1.4% to $29,400 a tonne while lead CMPB3 rose 0.4% to $2,169 per tonne.

SHFE aluminum SAFcv1 fell 0.8% to 18,920 yuan per ton, tin SSNcv1 fell 1.4% to 235,390 yuan per ton, lead SPBcv1 fell 0.3% to 15,245 yuan a ton while zinc SZNcv1 rose 0.8% to 24,480 yuan per ton.

Nickel SHFE SNIcv1 rose 1.2% to 221,930 yuan per ton. Earlier in the session, it hit 223,290 yuan a ton, its highest level in 3.5 weeks, after Bloomberg reported that the Philippines could tax nickel exports.

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($1 = 6.7537 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)

((mai.nguyen@thomsonreuters.com; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

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