Base metal miners fall as China inflation data hints at shaky recovery

Canada Nickel

11/05/2023 16:10

** Shares of miners of copper and other base metals fall
after inflation data from China casts doubts over the broader
economy's ability to rev up
    ** Consumer prices in China rose at the slowest pace in more
than two years in April
    ** U.S.-listed shares of Australian mining giants Rio Tinto
 RIO.N ,  RIO.AX  and BHP Group Ltd  BHP.N ,  BHP.AX  fall 3.7%
and 4%, respectively
    ** Benchmark copper  CMCU3  on the London Metal Exchange
(LME) drops 2.2% after touching lowest level since Jan. 5
    ** Miners of the red metal Teck Resources Ltd  TECKb.TO ,
Freeport-McMoRan Inc  FCX.N , Southern Copper Corp  SCCO.N  and
First Quantum Minerals Ltd  FM.TO  down 3.8%-7.9%
    ** Copper may go down further in the next couple of days,
said Dan Smith, head of research at Amalgamated Metal Trading
    ** Aluminium  CMAL3  slips 1.4% after touching lowest since
Oct. 21, pulling its producers Kaiser Aluminum Corp  KALU.O ,
Alcoa Corp  AA.N  and Century Aluminum Co  CENX.O  down
2.3%-4.6%
    ** Nickel miners Vale SA  VALE.N , Canada Nickel Co Inc
 CNC.V  and PolyMet Mining Corp  POM.TO  also fall as the metal
slides 1.3% after touching its lowest since Oct. 31
    ** Other industrial metals like zinc  CMZN3 , lead  CMPB3 
and tin  CMSN3  also slip 1.4%, 0.5% and 0.4%, respectively

 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))