LONDON: Copper prices fell in London on Tuesday as investors continued to assess the impact of slow economic growth for top metals consumer China.
Three-month copper on the London Metal Exchange (LME) dropped 0.4% to $8,460.5 per metric ton by 1429 GMT. The metal used in power and construction registered its biggest decline in more than three weeks on Monday, sliding by 2.1% after China’s gross domestic product (GDP) grew by only 0.8% in the second quarter.
On the technical front, copper is squeezed between the 200-day and 21-day moving averages at $8,475 and $8,421 respectively.
The dollar, meanwhile, remained near a 15-month low after US June industrial output and retail sales missed expectations.
LME zinc dropped 1.1% to $2,383 a metric ton after daily LME data showed that inventories in exchange-registered warehouses rose by 15% to 80,375 tonnes, the highest in nearly three weeks.
Aluminium retreated 1.8% to $2,214.5 a metric ton, lead rose 0.1% to $2,101.5, tin added 0.3% to $28,440 and nickel was down 0.8% at $20,885.
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