METALS-Copper edges lower; China closed for New Year

(Recasts, updates prices)

NEW DELHI, Feb 12 (Reuters) – Copper prices dropped slightly on Monday on reduced demand from China, the top consumer, which was closed for the Lunar New Year holiday, dampening trade.

Three-month copper on the London Metal Exchange was down 0.04% at $8,166 per metric ton at 0405 GMT.

The prolonged crisis in China’s property sector has weighed on sentiment, since construction, a major consumer of base metals, has been impacted.

LME aluminium fell 0.4% to $2,206.50 a ton, nickel climbed 0.6% to $16,020, zinc edged 0.4% lower to $2,291.50, while lead rose 0.8% to $2,048.

“With markets closed in China for the Lunar New Year holidays, focus will switch to supply side issues,” ANZ Research said in a note.

More policy measures are anticipated from China after the Lunar New Year celebrations, Sucden Financial said in a report over the weekend.

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(Reporting by Neha Arora; Editing by Sohini Goswami and Dhanya Ann Thoppil)

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