Copper, Aluminum Gain as Zinc, Lead Drop Ahead of China Data
Zinc and lead extended declines after industrial metals tumbled by the most in a year, while copper and aluminum climbed ahead of China economic reports.
Zinc dropped as much as 0.6 percent to $1,863.75 a metric ton on the London Metal Exchange before trading at $1,868.50 at 9:23 a.m. Shanghai time. Lead fell 0.3 percent to $2,043 a ton. The LME Index (LMEX) of six primary base metals tumbled 2.6 percent on April 12, the most since April 10, 2012.
China’s gross domestic product probably expanded 8 percent in the first quarter, accelerating from 7.9 percent in the fourth quarter, a Bloomberg News survey showed. The National Bureau of Statistics is scheduled to release March and first- quarter economic data at 10 a.m. local time.
“Unless data from China are much better or worse than expected, metals will remain in a downward trajectory,” Xiong Dabiao, an analyst at Minmetals Futures Co., said by phone from Shanghai.
Copper for delivery in August on the Shanghai Futures Exchange fell 2 percent to 54,050 yuan ($8,729) a ton, tracking a drop of 2.7 percent in its London counterpart on April 12. Copper on the LME rose 0.3 percent this morning while aluminum in London advanced 0.4 percent.
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