Shanghai Futures Exchange copper ended barely changed at 45,170 yuan ($6,555) a tonne on Tuesday as worries about China's slowing economic growth and tighter capital markets in the world's top metals consumer triggered selling in metals. ShFE zinc and Shanghai lead fell 0.9 and 1.4 percent respectively. China's growth took a step back in April after a surprisingly strong start to the year, tapering off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy.
"All of the slowdown in key macro data was ... from restructuring/reform and risk controls," said Argonaut Securities in a report. "We think there is no chance of hard-landing in China as of now. That said, as there are a lack of drivers for new demand growth ahead ... commodity prices may fluctuate in a narrow range," it said. "Positive catalysts are stronger-than-expected external growth in Europe and emerging markets, and more supply side reform in China."
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