HANOI, April 9 (Reuters) - Copper prices fell on Friday, cutting gains for the week as rising inflation in top consumer China stoked worries that the world’s second-largest economy could tighten monetary policy.
Three-month copper on the London Metal Exchange (LME) fell 0.8% to $8,938.50 a tonne by 0736 GMT, up 1.7% this week.
The most-traded May copper contract on the Shanghai Futures Exchange closed 0.1% up at 66,720 yuan ($10,171.97) a tonne.
“Optimism about an accommodative monetary policy in the U.S. was offset by rising concerns about inflation in China,” Marex Spectron commodities broker Anna Stablum said in a note.
China’s factory gate prices in March beat analyst expectations to rise at their fastest annual pace since July 2018.
Despite data showing signs that economic recovery in China is gathering momentum, investors were concerned that the country’s central bank will tighten monetary policy, dampening money supply into financial markets.
* Chinese battery materials maker CNGR Advanced Material Co plans to set up a joint venture in Indonesia to produce nickel matte, used to make chemicals for electric car batteries, with a Singapore-based partner.
* China’s Jiangxi Copper Co is not building or investing in a previously planned project to make refined copper from scrap in eastern Malaysia, its chairman said.
* LME aluminium fell 0.4% to $2,273.50 a tonne while zinc declined 1% to $2,825. In Shanghai, nickel advanced 0.4% to 126,170 yuan a tonne while tin dropped 0.6% to 181,560 yuan.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
$1 = 6.5592 yuan Reporting by Mai Nguyen Editing by David Goodman