(Updates prices, adds quotes)
By Mai Nguyen
SINGAPORE, March 23 (Reuters) - Shanghai copper prices dropped to their lowest in nearly 11 years on Monday as more shutdowns and restrictions imposed to curb the coronavirus outbreak deepened worries about a slowdown in global economic growth.
The most-active copper contract on the Shanghai Futures Exchange (ShFE) tumbled as much as 8% to 35,300 yuan a tonne, its lowest since June 23, 2009. It cut some losses to trade at 37,080 yuan a tonne by 0426 GMT.
Benchmark three-month copper on the London Metal Exchange (LME) was down 5.2% at $4,562.50 a tonne.
More countries are locking down cities, telling businesses to close, and imposing tighter restrictions on transportation to curb the transmission of the virus that has killed more than 14,500 people and infected nearly 338,000 globally.
“With global industrial activity slowing rapidly, with the exception of the restarting Chinese sector, the net demand for metals is bound to slow further and inventories build up, which in the short term can only result in more downward pressure on prices,” said Malcolm Freeman of Kingdom Futures in a note.
* TECHNICALS: LME copper may break a support of $4,418 a tonne this week and fall towards $3,727, said Reuters technical analyst Wang Tao.
* IMF: A top International Monetary Fund official said last week the impact of the pandemic would be “quite severe,” but the global economy should weather the current shock.
* OTHER PRICES: LME aluminium fell 2.1% to $1,548.50 a tonne, nickel declined 1.1% to $11,100 a tonne, zinc decreased 1.3% to $1,823.50 a tonne, lead was down 1.7% at $1,630.50 a tonne and tin tumbled 6.3% to $13,070 a tonne.
* SHANGHAI PRICES: ShFE nickel declined 3.1% to 91,870 yuan a tonne, zinc fell 1.7% to 14,635 a tonne, tin was down 1.4% at 108,130 yuan a tonne, while aluminium dropped 4.6% to 11,425 yuan a tonne.
* HONGQIAO: China Hongqiao Group, the world’s biggest aluminium producer, said lower costs boosted net profit by 12.7% in 2019 despite a sharp drop in output.
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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 = 7.0975 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Aditya Soni)