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Industrial Metals Dip as Traders Brace for Control by China

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HANOI, April 12 Reuters Industrial metals prices fell on Monday on fears of a pullback in top consumer China after its premier stressed the need to strengthen control of commodity prices that have hurt businesses.

The mosttraded June nickel contract on the Shanghai Futures Exchange was down 3.8 at 122,050 yuan 18,629.61 a tonne by 0613 GMT, while threemonth nickel on the London Metal Exchange declined 2.8 to 16,160 a tonne.

Chinese Premier Li Keqiang stressed the need to strengthen market regulation of raw materials to ease the cost pressure of enterprises amid rising global commodities prices, China39;s official Xinhua news agency reported. 

Comments from Chinese Premier Li Keqiang weighed on markets as it is the second time in just a few days top officials talk about cost controls after last years surge in commodity prices, said commodities broker Anna Stablum in a note.

Stablum was referring to Chinese vicepremier Liu Hes remarks last week calling to stabilise prices, after the countrys factory gate prices beat analyst forecast to rise at their fastest annual pace in nearly three years.

Other metals also declined.

LME copper fell 1.1 to 8,827.50 a tonne, zinc was down 1.4 at 2,789.50 a tonne, while tin decreased 1.6 to 25,340 a tonne.

In Shanghai, copper declined 1.7 to 65,740 yuan a tonne, zinc fell 2.2 to 21,530 yuan a tonne, while tin dropped 3.2 to 176,920 yuan a tonne.

FUNDAMENTALS

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