(Updates prices, adds quotes)<\/p>\n
HANOI, April 12 (Reuters) – Industrial metals prices fell on Monday on fears of a pullback in top consumer China after its premier stressed the need to strengthen control of commodity prices that have hurt businesses.<\/p>\n
The most-traded June nickel contract on the Shanghai Futures Exchange was down 3.8% at 122,050 yuan ($18,629.61) a tonne by 0613 GMT, while three-month nickel on the London Metal Exchange declined 2.8% to $16,160 a tonne.<\/p>\n
Chinese Premier Li Keqiang stressed the need to strengthen market regulation of raw materials to ease the cost pressure of enterprises amid rising global commodities prices, China’s official Xinhua news agency reported. (bit.ly\/2PV89K7)<\/p>\n
\u201cComments from Chinese Premier Li Keqiang weighed on markets as it is the second time in just a few days top officials talk about cost controls after last year\u2019s surge in commodity prices,\u201d said commodities broker Anna Stablum in a note.<\/p>\n
Stablum was referring to Chinese vice-premier Liu He\u2019s remarks last week calling to stabilise prices, after the country\u2019s factory gate prices beat analyst forecast to rise at their fastest annual pace in nearly three years.<\/p>\n
Other metals also declined.<\/p>\n
LME copper fell 1.1% to $8,827.50 a tonne, zinc was down 1.4% at $2,789.50 a tonne, while tin decreased 1.6% to $25,340 a tonne.<\/p>\n
In Shanghai, copper declined 1.7% to 65,740 yuan a tonne, zinc fell 2.2% to 21,530 yuan a tonne, while tin dropped 3.2% to 176,920 yuan a tonne.<\/p>\n