BEIJING: Copper prices slipped again on Wednesday, and were hovering around a three-and-a-half month low hit in the previous session, amid demand concerns in top consumer China and a risk-off sentiment.

Three-month copper on the London Metal Exchange was down 0.1% at $9,161 per metric ton by 0656 GMT, its lowest since April 3.

The most-traded September copper contract on the Shanghai Futures Exchange lost 0.5% to 74,950 yuan ($10,302.55) a ton, also its weakest since April 3.

Lower-than-expected second quarter economic growth and a lack of targeted stimulus to boost China’s ailing property sector from last week’s policy meeting sparked sell-off in metals.

Broadly, investors switched off risk appetite as they assess a possible U.S. administration led by Donald Trump might set more trade tariffs, impacting demand and the global economy, traders said.

However, the falling prices encouraged more demand in the spot market, which will lead to a gradual decline in copper inventories in China, said Shanghai Metals Market in a note.

Copper hits multi-month low on growing Chinese demand fears

The yangshan premium, an indicator of import demand, rose to a three-month high of $18 per ton on Tuesday.

Miner Freeport-McMoran remains bullish on copper demand, helped by massive investment in the power grid, renewable generation technology, infrastructure and transportation.

LME lead gained 0.3% to $2,066 a ton, zinc added 0.5% at $2,702, tin jumped 2.3% to $30,105, nickel ticked up 0.2% to $16,060, while aluminium was little changed at $2,296.50.

Citi delivered large amounts of lead to LME-approved warehouses in Singapore on Monday for profitable financial deals, three sources said, taking total LME stocks of the battery metal to their highest since early May.

SHFE aluminium dipped 0.2% to 19,325 yuan a ton, nickel rose 0.1% to 128,400 yuan, lead added 0.3% to 19,155 yuan, tin moved up 0.8% to 252,690 yuan and zinc declined 0.9% to 23,040 yuan.