Copper falls as disappointing China data and Mideast impasse weigh
SINGAPORE: Copper fell off its previous day’s highs on Tuesday as the market digested a string of disappointing economic data from key consumers, China, and the US-Iran truce expired without a longer-term peace deal. Benchmark three-month copper on the London Metal Exchange was down 0.39% at $14,102 a metric ton by 0300 GMT. The most-traded copper contract on the Shanghai Futures Exchange fell…
Copper prices slipped on Tuesday, as the market processed weak economic data from China and a lack of resolution in the US-Iran conflict. The benchmark three-month copper price on the London Metal Exchange declined 0.39% to $14,102 per metric ton, while the Shanghai Futures Exchange contract fell 1.19% to 107,690 yuan per ton. China's disappointing economic indicators, including a slower-than-expected factory output growth and contracting fixed-asset investment, dampened demand outlooks for copper.
These factors, combined with the expiration of the US-Iran truce and ongoing negotiations, contributed to the price decline. Brent crude prices rose as tensions between the two nations escalated, potentially increasing inflationary pressures and raising interest rates, which could further impact copper demand.
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