Copper and nickel drop on demand worries, investor shift to equities

Reuters - Copper and nickel prices inched down on Friday, undermined by concerns over weakening demand and oversupply.

Traders also said that some investors were shifting away from "hard" commodities into stocks following robust U.S. and European industrial data.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange had slipped 0.3 percent to $$5,682 a tonne by 0100 GMT.

* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange was 0.18-percent lower at 454,390 yuan ($66,794) a tonne.

* ARGENTINA MINING: Argentina's government will sign an agreement with provincial governors on Monday to unify some policies regulating the mining sector.

* LME NICKEL: Benchmark nickel was trading 0.5-percent lower at $8,795 a tonne. Nickel declined for a third straight month in May and hit its lowest since June last year overnight. The contract has tumbled 12 percent this year, the biggest drop among major base metals.

* SHANGHAI NICKEL: Shanghai Futures Exchange nickel was down 1.12 percent. The contract fell 1.20 percent and 3.4 percent in the previous two sessions respectively.

Courtesy : Reuters