BEIJING: Copper prices were stuck within a tight range on Wednesday as traders turned cautious ahead of the release of key US inflation data, while investors also carefully assessed the demand outlook from top consumer China.
Three-month copper on the London Metal Exchange was little moved at $8,395 per metric ton by 0148 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange dipped 0.1% to 69,240 yuan ($9,505.64) per ton.
The core Consumer Price Index (CPI) report is expected at 1230 GMT today, and it could provide further clues on the Federal Reserve’s interest rate hike prospects.
While core CPI is seen cooling, rising fuel costs are forecast to result in hotter headline inflation.
Also weighing on sentiment was copper demand in China, the world’s biggest consumer of the metal used in transportation, construction and power sectors.
Despite Beijing issuing a series of supporting measures to revive a troubled property market, market participants are assessing the real impact on on-ground demand.
LME aluminium gained 0.1% at $2,198.50 a ton, zinc added 0.6% to $2,494.50, tin dipped 0.1% to $25,505, lead nudged down 0.3% to $2,212.50 and nickel was listless at $19,915.
SHFE aluminium slid 0.3% to 19,190 yuan a ton, lead slid 1.3% to 16,855 yuan, nickel fell 1.5% to 172,740 yuan, tin slipped 0.7% at 216,060 yuan, while zinc added 0.1% to 21,750 yuan.
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