SINGAPORE, June 8 (Reuters) - London copper prices on Monday retreated from a three-month high hit in the previous session, after data showed top consumer China’s exports weakened in May.
Three-month copper on the London Metal Exchange (LME) fell 1.2% to $5,624 a tonne by 0124 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange (ShFE) rose 1.1% to 45,480 yuan ($6,423.00) a tonne, tracking gains in London in the previous session.
China’s exports contracted in May as global coronavirus lockdowns continued to devastate demand, although at a smaller pace than expected, while imports fell at the sharpest rate since January 2016.
Weak exports highlighted the pressure on China’s manufacturing industry, one of the major consumers of copper.
* CHINA COPPER: China’s unwrought copper imports in May fell 5.5% from the previous month but was up 20.8% from the same period a year earlier, customs data showed.
* OTHER PRICES: LME zinc dropped 2.1% to $2,009 a tonne while nickel declined 0.7% to $12,905 a tonne. ShFE zinc fell 1.4% to 16,380 yuan a tonne while aluminium jumped 1.5% to 13,350 yuan a tonne.
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* U.S. stock futures and Asian shares advanced after a surprise recovery in U.S. employment gave further confidence of a quick economic recovery after many weeks of coronavirus-driven lockdowns.
0600 Germany Industrial Output MM April
0645 France Reserve Assets Total May
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
ARBS ($1 = 7.0808 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)