Shanghai copper retreats from record high as weak China data sparks demand concerns

BEIJING: Shanghai copper prices retreated on Monday from a record high hit in the prior session, dragged down by revived demand concerns triggered by a raft of remaining weak data in top consumer China.

The most-traded copper contract on the Shanghai Futures Exchange slid 1.49% to 92,180 yuan ($13,068.87) per metric ton, as of 0228 GMT.

It hit a record high of 94,570 yuan on Friday.

The red metal, widely used in power, construction and manufacturing, posted its biggest daily fall since December 9. China’s factory output and retail sales growth slowed further in November, weighed by weak domestic demand.

Meanwhile, China’s property investment and property sales by floor area worsened.

China Vanke said in a Hong Kong Stock Exchange filing on Monday that it has failed to secure bondholder approval to postpone by a year a bond payment due the same day, raising concerns over potential default.

Pressuring copper prices was also higher warehouses inventory monitored by the Shanghai Futures Exchange.

Benchmark three-month copper on the London Metal Exchange, however, rose 1.35% to $11,671 per metric ton.

It tumbled more than 3% after touching its all-time high on Friday.

SHFE aluminium slipped 1.49%, nickel lost 1.09%, lead eased 0.26%, tin shed 1.88%, and zinc dipped 0.79%.

Among other LME metals, aluminium added 0.37%, lead advanced 0.15%, zinc climbed 1.06% while nickel was little changed and tin lost 0.22%.