SHANGHAI: London copper edged down on Monday after China’s economic data showed a mixed recovery among different sectors, while a softer US dollar lent some support.
Three-month copper on the London Metal Exchange (LME) fell 0.2% to $9,039 per metric ton by 0516 GMT. The most-traded January copper contract on the Shanghai Futures Exchange was down by 0.4% to 74,450 yuan ($10,218.80) a ton. China’s industrial output quickened slightly in November, while retail sales disappointed, keeping pressure on Beijing to ramp up stimulus for a fragile economy as it braces for more US trade tariffs under a second Donald Trump administration.
A lack of clarity around China’s stimulus measures weighed on copper prices last week, although LME data showed rising amounts of metal waiting to leave its registered warehouses. A weaker dollar supported the market, making it less expensive to buy the greenback-priced commodity. The Federal Reserve will lead the pack on Wednesday with markets pricing a 96% probability it will cut rates by 25 basis points.
LME aluminium was down 0.3% at $2,597 a ton, zinc fell 0.4% to $3,084, lead was relatively unchanged at $2,009.5, tin rose 0.2% to $29,145, while nickel was down 0.3% to $15,810. SHFE aluminium slipped 0.7% to 20,245 yuan a ton, tin was down 1.5% at 245,380 yuan, nickel slid 2.2% to 126,460 yuan, while zinc rose 0.2% to 25,750 yuan and lead fell 0.1% to 17,410 yuan.
Comments
Comments are closed.