The most-traded January copper contract on the Shanghai Futures Exchange slipped by 0.3 percent to 47,310 yuan($7,735) a tonne on Monday as support from Japan's surprise stimulus last week continued to underpin metals, but signs of fading economic momentum in top metals user China suggested gains would be short-lived.
China's economy lost further momentum heading into the fourth quarter as a cooling property market weighed on activity and export demand softened, surveys showed on Monday, putting Beijing's official target for the year at even greater risk. "At least some of the support that the Chinese got in recent months due to demand from the developed world seems to be fading," said analyst Dominic Schnider at UBS Wealth Management in Singapore. "If you look at some of the subcomponents, like exports and you sum it all up - not good. I think we are going to test the lows we have seen in October," he added.
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