LIVE FUTURES REPORT 07/03: SHFE base metals prices dip on stronger dollar, weak China data; copper bucks trend

Base metals prices on the Shanghai Futures Exchange dipped slightly during morning trading on Thursday March 7, with nickel leading the losses. However, copper bucked the trend amid a positive outlook for the red metal.

SHFE base metals prices showed slight losses this morning, pressured by the stronger dollar, which was at 96.86 this morning at 10.20am Shanghai time. This compares with the dollar index reading of 96.88 as at 10.20am Shanghai time yesterday. The indexhad briefly climbed above 97 on Tuesday to reach a peak of 97.01 – its highest since February 19. The complex was further pressured by lingering concerns among investors over a possible economic slowdown in China. This follows weak Chinese economic data, with the government announcing projected GDP growth of 6-6.5% for 2019 – less than the 6.6% GDP growth reported last year. The biggest decliner in the morning session was nickel, which fell prey to over-supply concerns. Nickel’s most-traded May contract on the SHFE was at 105,020 yuan ($15,645) per tonne as at 10.20am...


Karen Ng

March 07, 2019

04:40 GMT