Copper prices rise as China's Aug industrial profits surge

Copper prices rose in London on Wednesday, as risk sentiment was boosted after data showed that industrial profits unexpectedly surged in top consumer China last month, reports Reuters.
Three-month copper on the London Metal Exchange rose 0.2 per cent to $8,103 per metric ton by 0417 GMT, rebounding from a near four-month low hit on Tuesday.
Profits at China's industrial firms in August posted a surprise surge of 17.2 per cent from a year earlier, compared with a 6.7 per cent fall in July, as a flurry of policy support steps has started to stabilise parts of the stuttering economy.
LME aluminium was almost flat at $2,244 a ton, nickel dropped 0.9 per cent to $18,700, zinc eased 0.2 per cent to $2,506.50, lead edged down 0.1 per cent to $2,185, tin dropped 1.2 per cent to $25,705.
The most-traded November copper contract on the Shanghai Futures Exchange fell 0.5 per cent to 67,180 yuan ($9,197.32) per metric ton, tracking overnight loss in London.