NEW DELHI: Copper prices were subdued on Friday as concerns over demand in top consumer China weighed, although the market found support from better-than-expected US data that raised expectations for a September interest rate cut by the Federal Reserve.
Three-month copper on the London Metal Exchange was down 0.1% at $9,112 per ton, as of 0351 GMT.
The most-traded September copper contract on the Shanghai Futures Exchange was up 0.9% at 74,350 yuan ($10,259.13) a ton.
The dollar index, which measures the US unit versus six rivals, was steady at 104.35.
The US economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Fed.
“A decline in US dollar strength later in the year will lend support to base metal prices,” BMI, a unit of Fitch Solutions, said in a note.
Copper falls below $9,000 level
LME lead was up 0.7% at $2,042 a ton, zinc moved 0.07% higher to $2,683, tin rose 1% to $29,700, nickel ticked 0.7% higher to $15,905, and aluminium was up 0.5% at $2,282.5.
SHFE aluminium was up 0.4% at 19,265 yuan a ton, nickel rose 0.6% to 126,640 yuan, lead eased 0.5% to 18,775 yuan, tin moved up 0.5% to 248,600 yuan and zinc increased 0.1% to 22,710 yuan.
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