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BASIC METALS-Copper falls for fear of Chinese political tightening, but would close the week higher

LONDON, Apr 9 (Reuters) – Copper prices fell slightly on Friday as strong inflation data in China raised fears that Beijing will tighten monetary policy, although expected supply shortages kept prices of the current commodity at a gain. weekly.

* At 1206 GMT, three-month copper on the London Metal Exchange (LME) was down 0.3% to $ 8,984 a tonne, but was accumulating a 2% gain for the week and was on track for its first increase weekly in a month.

* A strong economic recovery in China and speculative buying pushed the metal to $ 9,617 in February, its highest level in a decade, before prices stalled.

* Gains should resume as countries pump money into the copper-intensive infrastructure and electrification sectors, WisdomTree analyst Nitesh Shah said.

* “The long-term story is very positive,” he said. “I really doubt that miners can keep up with demand.”

* Factory prices in China rose in March at their fastest annual pace since July 2018. The data drove Chinese stock markets lower as investors anticipate tighter monetary policy to contain inflation.

* Despite declines in Chinese markets, global stocks hit record highs and European stocks were on track for their longest weekly winning streak since November 2019.

* China’s refined copper imports this year are expected to fall about 27% from last year’s levels and primary aluminum inputs will be cut by more than half, Antaike said.

* To view base metal futures prices:







(Reporting by Peter Hobson, additional reporting by Mai Nguyen. Edited in Spanish by Janisse Huambachano)

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