Base metal prices declined on Monday after China set a lower-than-expected economic growth target.
Three-month copper on the London Metal Exchange was down slightly on the day to $4.06
This is after China set a modest growth target of around 5%, which is on the low end of expectations that had ranged as high as 6%.
In other news, Signs of easing supply disruptions in Panama also pressured copper prices even more.
Panama’s government and Canada’s First Quantum Minerals are in the final stages of a prolonged contract dispute for a mine in Panama, which again should clear some of these supply disruptions if the contract goes through.
However, there will still be continued disruptions In Peru, as Andean communities will resume a blockade of a crucial highway used by major copper producers next week.
This follows a truce that had allowed mining companies to restart production for a bried period.
Overall, LME aluminum fell around half a percent on the day to 1.07, nickel lost 1% going to $11.02, while lead was the only metal to see a jump early Monday morning to around .96 cents.
We should also get new steel numbers here soon and signs are looking good as analysts are saying we will see increases in March.