BEIJING: Copper prices hovered around a seven-week low on Wednesday, amid worries over the health of top metals consumer China’s economy and easing supply concerns.
Three-month copper on the London Metal Exchange was little moved at $8,204 per metric ton by 0236 GMT, having hit a seven-week low in previous session.
The most-traded September copper contract on the Shanghai Futures Exchange lost 0.6% to 67,860 yuan ($9,300.99) per ton.
Data released on Tuesday showed lower-than-expected growth last month in China’s industrial production, investment and retail sales, highlighting the struggle of post-pandemic economic recovery.
Meanwhile, a continuing slump in property investment further dented demand outlook for industrial metals. Analysts also raised doubts whether Beijing’s decision to cut key policy rates to revive economic activities will be enough to boost growth.
Souring investor sentiment was reflected by aggressive sell-offs of Chinese stocks by global hedge funds, a Goldman Sachs report showed on Tuesday. Rising inventories also weighed on the market.
Total copper stocks on the LME have risen 52.3% in one month to 90,150 tons as of Tuesday.
LME aluminium gained 0.2% at $2,147.50 a ton, tin ticked 0.3% up to $25,270, while zinc, lead and nickel were listless at 2,312.50, $2,122.50 and $19,780 per ton.
SHFE aluminium climbed 0.7% to 18,485 yuan a ton, lead added 0.9% to 16,045 yuan, nickel fell 1.2% to 161,720 yuan, while tin slipped 0.2% at 212,210 yuan, zinc slid 1.4% to 20,050 yuan.
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