SINGAPORE: Copper prices in London and Shanghai were largely unchanged on Wednesday as traders assessed a mix of macro signals, including U.S. inflation data and new tariff announcements, while assessing China’s first-half economic data.
Three-month copper on the London Metal Exchange eased 0.06% to $9,640 per metric ton by 0701 GMT, while the most-traded copper contract on the Shanghai Futures Exchange added 0.06% to 77,980 yuan ($10,865.11) a ton.
“Not much news today that will move the market,” a Beijing-based metals trader at a futures company said.
“China’s first-half economic data is also out,” the trader said, adding “there’s nothing to worry about other than the persistently sluggish property market.”
China’s economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs, though analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus.
Copper prices fluctuate as China GDP meets forecast, markets eye US data
Meanwhile, U.S. consumer prices rose 0.3% in June, the largest increase in five months.
The uptick, driven by higher costs for some goods, suggests that tariffs are starting to impact inflation, potentially prompting the Federal Reserve to hold off on rate cuts until September.
In other tariff-related news, President Donald Trump on Tuesday announced that the U.S. would impose a 19% tariff on goods from Indonesia and revealed details about duties on pharmaceuticals.
This comes after the European Union, one of the top U.S. trading partners, readied retaliatory measures in case talks with Washington failed.
LME nickel gained 0.13% to $15,165 a ton, tin rose 0.22% to $33,385, while lead fell 0.5% to $1,986. Aluminium added 0.08% to $2,582.5 and zinc was almost flat at $2,697.5.
SHFE nickel added 0.9% to 120,550 yuan per ton, recovering from Tuesday’s drop. Aluminium gained 0.4% to 20,475 yuan and tin rose 0.1% to 263,960 yuan. Lead eased 0.68% at 16,895 yuan and zinc slipped 0.27% to 22,045 yuan.
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