Shanghai copper rises

19 Sep, 2017

The most-traded copper contract on the Shanghai Futures Exchange closed up 300 yuan, or 0.6 percent, at 50,700 yuan ($7,733) a tonne on Monday after concerns over slowing growth in top consumer China capped gains. China posted disappointing data on Thursday - including its slowest growth in investment in nearly 18 years - suggesting the world's second-largest economy is finally starting to lose some momentum as borrowing costs rise.
Still, analysts expected demand for metals in China to remain strong. "Last week we saw some decline in prices so there should be a correction," said Meng Jie Wu, an analyst at CRU in Shanghai.
"Chinese demand is likely to improve because downstream manufactures have started to restock. Inventories are declining." China's non-ferrous metal output fell to a one-year low in August, in a sign that Beijing's environmental crackdown is curbing supplies of base metals, with aluminium also hit by efforts to rein in output.

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