London copper prices fell on Tuesday as a revenue warning by Apple Inc highlighted the impact of the coronavirus outbreak on economic activity in China, the world’s top consumer of the red metal.
Three-month copper on the London Metal Exchange (LME) was down 0.3% at $5,797 a tonne by 0252 GMT.
Apple Inc on Monday became the latest company to flag lower revenue as a result of the epidemic, which has claimed more than 1,800 lives in mainland China and infected about 72,500 people.
The number of new infections in the world’s second-largest economy fell below 2,000 for the first time since January on Tuesday, but experts said the outbreak has not been contained.
Nickel declined 1% to $12,975 a tonne, zinc dipped 0.6% to $2,610 a tonne, lead declined 0.3% to $1,867.50 while aluminum advanced 0.2% to $1,725 a tonne.
* COPPER: Yangshan copper premium rose to a three-month high of $60 a tonne, data by Shanghai Metals Market showed.
* BHP: BHP Group, BHPB.L will be looking to expand in copper and nickel to position itself well in a world that is decarbonising, chief executive Mike Henry said.
* SHANGHAI PRICES: The most-traded copper contract on the Shanghai Futures Exchange edged up 0.2% to 46,120 yuan ($6,596.77) a tonne, aluminum rose 0.4% to 13,690 yuan a tonne while nickel fell 1.1% to 103,850 yuan a tonne.
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* Asian shares fell and Wall Street retreated from record highs on Tuesday after Apple’s announcement.
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Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
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 = 6.9913 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Aditya Soni)