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LONDON (Reuters) – Copper prices fell on Wednesday after industrial output growth in China's largest metal consumer hit a 17-year low, weakening demand prospects.
Record copper contracts ended the trading session at the London Metal Exchange, down 1.1% to $ 5,765 per tonne, approaching a two-year low of $ 5,640. reached at the beginning of the month.
Copper rose at Tuesday's session after US President Donald Trump announced that he would delay new tariffs on imports from China, leaving hope that a trade dispute clouded by a economic harm could be mitigated.
But Chinese data and a pessimistic badessment of the state of US-China trade negotiations by US Secretary of Commerce, Wilbur Ross, and figures show that the German economy contracted in the second quarter with renewed pessimism.
Among other industrial metals, the nickel contracts ended the session, up 0.2%, to $ 15,950 per tonne, or nearly $ 16,690, the highest level in 16 months, on Assumption that Indonesia, the biggest supplier of crude, would soon restrict its exports.
Aluminum futures closed 0.6% lower at $ 1,775 per tonne, while zinc futures fell 2.7% to $ 2,256 per tonne.
Lead contracts fell 1.3% to $ 2,041 per tonne.
(Reuters)
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