Copper prices in London and Shanghai drifted lower on Tuesday after rallying around 2 percent in the previous session, but positive sentiment from Chinese economic data and a softer dollar remained. A pickup in Chinese industrial production, solid imports, and fading fears of a second slowdown in the global economy helped boost appetite for risk, and investor demand for commodities.
Benchmark third-month Shanghai copper ticked down 460 yuan to 59,080 yuan. Falling stockpiles and expectations of steady Chinese demand were likely to underpin the market, traders said, with the bias towards the upper end of the $6,000 to $8,000 range seen this year.