LONDON: Copper prices came under pressure on Tuesday as demand concerns resurfaced after weak manufacturing data from top consumer China spurred selling, while a softer dollar provided some support.
Benchmark copper on the London Metal Exchange (LME) was little changed at $8,135 a metric ton at 1213 GMT after falling as far as $8,089 a ton. It hit a four-week high of $8,231 on Monday due to recent signs of economic stabilisation in China. Copper prices are on course for their third monthly decline. However, China’s manufacturing sector unexpectedly shrank in October, underlined the daunting task facing policymakers as they try to revitalise economic growth heading into the end of the year and 2024.
Both new export and import orders contracted for an eighth consecutive month, suggesting that manufacturers were struggling to find buyers overseas and ordering fewer components used in finished goods for re-export.
Aluminium slipped 0.3% to $2,258, zinc fell 0.9% to $2,444, lead ceded 0.3% to $2,115, tin was down 0.8% at $24,805 and nickel retreated 1.2% to $18,260 a ton.
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