Copper dips as China’s economy slows

Copper prices fell on Tuesday as slowing economic growth in top metal consumer China reminded traders of the reality of weak physical demand and a global economic downtrend. Three-month copper on the London Metal Exchange fell 0.4% to $9,064.50 a tonne by 0245 GMT, on track for the third straight session of loss. Financial Post…
Copper dips as China’s economy slows

Copper prices fell on Tuesday as slowing economic growth in top metal consumer China reminded traders of the reality of weak physical demand and a global economic downtrend.

Three-month copper on the London Metal Exchange fell 0.4% to $9,064.50 a tonne by 0245 GMT, on track for the third straight session of loss.

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China’s economy slowed sharply in the fourth quarter due to stringent COVID curbs, dragging down 2022 growth to one of its worst in nearly half a century and raising pressure on policymakers to unveil more stimulus this year.

China’s factory output grew 1.3% in December from a year earlier, slowing from a 2.2% rise in November, while retail sales, a key gauge of consumption, shrank 1.8% last month, extending November’s 5.9% drop.

Both indicators beat expectations but were still weak.

The most-traded March copper contract on the Shanghai Futures Exchange eased 0.2% to 68,470 yuan ($10,126.45) a tonne.

LME aluminum fell 0.9% to $2,598 a tonne, zinc shed 1% to $3,270 a tonne, tin was down 0.5% to $28,330 a tonne while lead rose 0.3% to $2,223.50 a tonne.

SHFE nickel decreased 0.6% to 202,940 yuan a tonne, zinc declined 0.4% to 24,100 yuan a tonne, tin was down 1% at 224,280 yuan a tonne while aluminum rose 0.5% to 18,590 yuan a tonne and lead rose 0.1% to 15,335 yuan a tonne.

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DATA/EVENTS (GMT)

0430 Japan Tertiary Ind Act NSA Nov

0700 Germany HICP Final YY Dec

0700 UK Claimant Count Unem Chng Dec

0700 UK ILO Unemployment Rate Nov

0700 UK HMRC Payrolls Change Dec

1000 Germany ZEW Economic Sentiment Jan

1000 Germany ZEW Current Conditions Jan

($1 = 6.7615 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Nivedita Bhattacharjee)

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