Copper prices in London rose on Friday, as data showing weak economic growth in top consumer China emphasized the need for more policy support.
Three-month copper on the London Metal Exchange rose 0.6% to $9,572.50 per metric ton by 0247 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange was nearly flat at 76,700 yuan ($10,777.16) a ton.
“Market is moving on more policy measures details and data releases by China this morning.
Q3 GDP slowed hence the pressure is on for policy makers to push out more stimulus,“ said a trader, noting that better-than-expected industrial output and retail sales data also lent support.
China’s economy grew at the slowest pace since early 2023 in the third quarter and its property sector continued to show sharp weakness, but consumption and industrial output figures for September beat forecasts, data on Friday showed.
Other measures aimed at increasing liquidity in the capital market are also bullish for metals, the trader added.
Last month, China’s central bank announced the most aggressive monetary support measures since the COVID-19 pandemic, including a 1 trillion yuan liquidity injection and two new measures, to support the stock market.
LME aluminium rose 0.5% to $2,567 a ton, zinc edged up 0.1% at $3,055, tin climbed 0.7% to $31,445, while nickel was flat at $17,005 and lead eased 0.1% to $2,068.50.
Copper at three-week low as funds switch to gold
SHFE aluminium fell 0.7% to 20,570 yuan a ton, nickel dropped 2.3% to 128,690 yuan, lead edged down 0.3% at 16,670 yuan and tin dropped 2.7% to 255,880 yuan, tracking overnight losses in London, while zinc rose 0.1% to 25,035 yuan.
Most base metals contracts were set for a weekly loss as stimulus measures announced so far by China were below market expectations and lacked details.
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