Copper prices rose on Tuesday, as a low appetite for risky assets amid fears of weakening global economic growth weighed on prices.
Three-month copper on the London Metal Exchange fell 0.2% to $7,330 a tonne by 0329 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange eased 0.3% to 60,910 yuan ($8,502.59) a tonne.
As global central banks hiked interest rates to curb sticky inflation, the world economic growth outlook weakened and threatened demand for metals and hurt risk sentiment.
LME copper inventories rose to 129,000 tonnes, their highest since Aug. 15.
China’s top copper smelters lifted their floor treatment and refining charges for the fourth quarter of 2022 to a five-year high, as rising concentrate supply is expected to outpace the expansion in smelting capacity.
Grim demand outlook pushes copper prices to 2-month low
However, inventories of copper in China bonded warehouses continued to deplete and were last at a record low of 81,800 tonnes.
LME aluminium fell 0.3% to $2,134 a tonne, while lead rose 0.4% to $1,762 a tonne.
ShFE aluminium declined 1.2% to 18,170 yuan a tonne, nickel was down 2.7% to 183,650 yuan a tonne, zinc decreased 1% to 24,235 yuan a tonne while tin rose 3.5% to 177,320 yuan a tonne.
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