SHANGHAI: Shanghai copper gained on Monday as China’s stronger-than-expected industrial output helped to boost sentiment even as the country’s economic growth slowed to a one-year low.
The most-active copper contract on Shanghai Futures Exchange gained 1.26% to trade at 85,790 yuan ($12,041.88) per metric ton as of 0330 GMT.
The benchmark three-month copper on the London Metal Exchange added 1.06% to trade at $10,717 a ton.
China’s industrial output grew 6.5% year on year in September, up from 5.2% in the prior month, data released by the National Bureau of Statistics showed on Monday.
The figure marks a three-month high and beat a forecast of 5.0%.
Monday’s data also showed China’s gross domestic product grew 4.8% in the third quarter, the slowest pace in a year, down from 5.2% in the second quarter.
The world’s second-largest economy grew 5.2% in the first three quarters, and is aiming for a full-year growth at around 5%. China’s next five-year plan is in focus, as traders are hoping to see stronger stimulus with GDP growth slowing down.
“We are expecting to see more supporting measures to boost economic growth in the future amid tariff threats and looming trade war,” a copper trader based in Shanghai said, speaking on condition of anonymity as they are not authorised to talk to media.
Copper shortage in 2026 remained a concern for the market, as mining disruptions, including at the Grasberg mine in Indonesia, the world’s second-biggest, reduced raw material supply.
Elsewhere among SHFE base metals, aluminium dipped 0.26%, zinc ticked down 0.16%, nickel shed 0.3%, lead gained 0.26%, and tin lost 0.44%.
Among other LME metals, zinc added 0.56%, nickel nudged up 0.19%, lead rose 0.3%, tin was up 0.81%, while aluminium was little changed.
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