Reuters: Market News: CORRECTED-METALS-Copper slips on slowing Chinese demand

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CORRECTED-METALS-Copper slips on slowing Chinese demand Apr 10th 2012, 08:22 Tweet Share this Email Print Tue Apr 10, 2012 4:22am EDT * China March copper imports fell 4.6 pct on month * China recorded $5.35 billion trade surplus * Investors hope for monetary easing in China, U.S. * Coming up: France Industrial output mm Mar, 0645 GMT By Carrie Ho SHANGHAI, April 10 (Reuters) - Copper prices retreated on Tuesday, pressured by soft Chinese data for March, including weaker copper import figures and higher inflation in the world's second-biggest economy. But losses were limited by the view that China's economic slowdown was not drastic, with some bright spots such as a surprise trade surplus in March due partly to stable exports. Investors were also cheered by hopes that China and the United States will roll out monetary loosening policies to boost growth. Three-month copper on the London Metal Exchange fell 0.8 percent to $8,291.25 tonne by 0353 GMT, after rising 0.1 percent at its previous session last Thursday ahead of the Easter break. The most-active July copper contract on the Shanghai Futures Exchange dipped 0.7 percent to 59,440 yuan ($9,400) per tonne. China's imports of copper fell 4.6 percent to 462,182 tonnes in March from 484,569 tonnes in the previous month, data from the General Administration of Customs showed. Analysts said this was a reflection of weaker real demand for the metal and a decrease in copper financing deals in China. This came on the heels of data on Monday showing China's annual inflation rate jumping more than expected in March to 3.6 percent as food prices remained volatile. "The macroeconomics of China and other major economies generally set a pessimistic tone for trading but hopes of a QE3 in the U.S. and more monetary easing in China is helping to keep prices up," said CITIC Newedge trader Eric Liu. In the United States, most major Wall Street firms expect anemic growth in the jobs market and a struggling economic recovery to force the Federal Reserve to undertake another massive round of monetary stimulus, a Reuters poll found on Monday. Also, helping to moderate investors' pessimism was the view that China will avoid a hard landing. In fact, customs data also showed a $5.35 billion trade surplus in March as import growth eased back from a 13-month peak while exports grew faster than expected. Base metals prices at 0353 GMT Metal Last Change Pct Move YTD pct chg LME Cu 8291.25 -69.75 -0.83 9.10 SHFE CU FUT JUL2 59440 -400 -0.67 6.85 LME Alum 2111.00 2.00 +0.09 4.50 SHFE AL FUT JUL2 16225 -20 -0.12 2.43 HG COPPER MAY2 375.50 3.50 +0.94 9.28 LME Zinc 2010.00 7.00 +0.35 8.94 SHFE ZN FUT JUL2 15610 -25 -0.16 5.51 LME Nickel 18050.00 -355.00 -1.93 -3.53 LME Lead 2036.25 -23.25 -1.13 0.06 SHFE PB FUT 15640 60 +0.39 2.29 LME Tin 22800.00 -375.00 -1.62 18.75 LME/Shanghai arb 1831 Shanghai and COMEX contracts show most active months ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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