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SHFE base metals prices mixed, remain under pressure from lackluster China data

Base metals prices on the Shanghai Futures Exchange were mixed during morning trading on Monday March 11, with the complex reacting to the uninspiring Chinese economic data released over the weekend.

With the exception of those for zinc, SHFE base metals prices were little changed on Monday morning; copper, tin and nickel recorded marginal gains while aluminium and lead fell slightly.

The most-traded May copper contract on the SHFE stood at 49,050 yuan ($7,296) per tonne as at 10.40am Shanghai time, up 10 yuan per tonne from last Friday’s close.

This sideways trading in copper and indeed most of the other base metals follows the release of lackluster economic data from China last Saturday; China’s producer price index rose by 0.1% year on year in February, marking its slowest pace since September 2016, data from the National Bureau of Statistics (NBS) showed.

The 0.1% year-on-year increase in February was also below the 0.2% year-on-year rise that had been expected.

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