LONDON, Sept 10 (Reuters): Copper prices retreated on Tuesday on persistent worries about the health of the Chinese economy and metals demand after fresh data.
Three-month copper on the London Metal Exchange (LME) eased by 0.4 per cent to $9,063.50 a metric ton in official open-outcry trading, having gained 1.1 per cent in the previous session.
Data on Tuesday added to a string of recent weak numbers, with China's unwrought copper imports sliding to a 16-month low in August and total imports missing expectations, reflecting weak demand.
"The economic story in China is definitely weak, consumers are depressed and there's this massive overhang of unsold property," said Dan Smith, head of research at Amalgamated Metal Trading.
A trader in Asia expected copper to fall to $8,450 a ton. Smith, however, said the picture was not all gloomy.
Demand was growing at an average of 16 per cent in six electronics business sectors in China up to July, Smith added.
Copper drifts lower on China demand concerns
FE Team | Published: September 10, 2024 21:19:35
Copper drifts lower on China demand concerns
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