Copper prices were range-bound on Thursday as traders awaited key economic data from top consumer China, while supply disruptions and a lowered production forecast helped support market sentiment.
Three-month copper on the London Metal Exchange was up 0.31% at $9,833 per metric ton by 0221 GMT, while the most-traded copper contract on the Shanghai Futures Exchange eased 0.11% to 79,250 yuan ($11,052.23) a ton.
The copper market is awaiting critical data from China due on Friday, with retail sales, industrial production, and fixed asset investment expected to show signs of improvement despite trade concerns, according to analysts from ANZ.
At the same time, recent supply-side issues are providing some support to prices, with Codelco’s El Teniente copper operation suspending underground mining following a tunnel collapse that could see operations halted for months, ANZ said.
Adani Enterprises Ltd has applied for its new major copper smelter in India to be listed on the LME. Copperlisted for storage in LME-registered warehouses can be delivered against copper futures traded on the exchange.
The smelter has an annual production capacity of 500,000 metric tons, the world’s biggest single-location plant of its type.
Meanwhile, Chile’s state copper commission has lowered its forecast for the country’s copper production growth in 2025 to 1.5% year-on-year, down from the 3% estimate it made in May.
The slide in forecast growth was attributed to a decline in June production at mines operated by major mining companies, including BHP, Anglo American, and Glencore.
Among other London metals, aluminium edged 0.08% higher to $2,618 a ton, nickel strengthened 0.33% to $15,315, lead gained 0.13% to $1,990.5, tin nudged 0.06% higher to $33,750, and zinc climbed 0.11% to $2,832.
SHFE aluminium dipped 0.36% to 20,720 yuan, nickel eased 0.19% to 122,520 yuan, lead decreased 0.65% to 16,815 yuan, tin fell 0.28% to 269,390 yuan, and zinc lost 0.49% to 22,560 yuan.
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