Copper falls as China inflation fuels fears of credit tightening

Sumary of Copper falls as China inflation fuels fears of credit tightening:

  • Article content HANOI — Copper prices fell on Friday, cutting gains for the week as rising inflation in top consumer China stoked worries that the world second-largest economy could tighten monetary policy..
  • Three-month copper on the London Metal Exchange (LME) fell 0.8% to $8,938.50 a tonne by 0736 GMT, up 1.7% this week..
  • The most-traded May copper contract on the Shanghai Futures Exchange closed 0.1% up at 66,720 yuan ($10,171.97) a tonne..
  • China factory gate prices in March beat analyst expectations to rise at their fastest annual pace since July 2018..
  • Despite data showing signs that economic recovery in China is gathering momentum, investors were concerned that the country central bank will tighten monetary policy, dampening money supply into financial markets..
  • * Chinese battery materials maker CNGR Advanced Material Co plans to set up a joint venture in Indonesia to produce nickel matte, used to make chemicals for electric car batteries, with a Singapore-based partner…

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