London copper prices edged lower on Monday as uncertainty over any stimulus signals from top consumer China’s economic conference this month weighed on sentiment.
The three-month copper contract on the London Metal Exchange (LME) shed 0.5% to $9,078.5 per metric ton, as of 0409 GMT. Meanwhile, the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) was up 0.2% to 74,670 yuan ($10,259.83).
The market’s focus is on China’s Central Economic Work Conference meeting this month, where top leaders will set economic growth targets.
So far, investors have faced disappointment due to the lack of aggressive fiscal stimulus measures by China to boost its sluggish economy.
“Any signals for higher monetary or fiscal stimulus will be well received - although it does appear as though markets have a default setting of being disappointed by Chinese stimulus efforts so far,” said Natalie Scott-Gray, senior metals analyst, EMEA & Asia at StoneX.
Copper hits three-week high on supply concerns
LME aluminium fell 0.6% to $2,588.5 a ton, zinc slipped 0.2% at $3,067, lead decreased 0.4% to$2,063.5, nickel eased 0.2% at $16,015, while tin added 0.2% at $29,195.
SHFE aluminium lost 0.5% to 20,315 yuan a ton, zinc declined 0.7% to 25,415 yuan, lead fell 0.7% at 17,625 yuan, while tin gained 0.2% at 244,220 yuan and nickel rose 1.3% to 126,900 yuan.
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