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LONDON: Copper prices retreated on Friday on concern about demand in China after inventories rose and uncertainty over possible US tariffs. Three-month copper on the London Metal Exchange (LME) was down 0.5% at $9,515 a metric ton by 1100 GMT, having touched its highest level in three months a week ago.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange (SHFE) climbed 13% over the past week, data showed on Friday, having soared by 162% since late January.
Stocks rise in China on a seasonal basis around the lunar new year holidays, but the data added to disquiet about Chinese demand after data earlier in the week showed new home prices stalled in January.