Zinc at Six-Week Low as China Imports Decline; Nickel Surges
Zinc in London dropped to its lowest in six weeks while nickel surged as Chinese import data signaled a diverging demand picture for the two metals.
Zinc fell as much as 1.7 percent to $1,809 a metric ton, its lowest since April 12, and traded at $1,813.50 at 4:00 p.m. in Shanghai. The metal used to coat steel fell after China’s April imports slumped to their lowest since August, underlining concerns about sliding demand.
Nickel rose as much as 1.2 percent to $8,430 a ton and was last at $8,355 a ton after China imported a record amount, buoyed by stainless steel output in the world’s biggest producer and consumer of materials. The metal had closed 2 percent lower Monday after China posted its data.
Industrial metals are under wider pressure from a stronger dollar, making them more expensive in other currencies. The greenback rose after another U.S. central bank official, Philadelphia Federal Reserve President Patrick Harker, suggested an interest rate hike is viable next month, one of two or three possible increases this year.
U.S. new homes sales figures are due later Tuesday, with jobless numbers set to come out on Thursday. Copper was little changed, while aluminum, lead and tin all fell.
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