METALS-Copper slips from three-month peak on Chinese data

By Eric Onstad

LONDON, June 27 (Reuters) - Copper prices slipped on Friday from a three-month peak after weak data in top metals consumer China and some profit-taking, but losses were modest due to underlying tightness and buoyant premiums.

London Metal Exchange benchmark three-month copper CMCU3 was down 0.3% to $9,872.50 per metric ton at 1605 GMT, having hit $9,917, its highest since March 27. It was up 2.2% for the week.

Data showed that China's industrial profits swung back into a sharp decline in May from a year earlier, as factory activity slowed.

"Falling industrial profits is not a good sign for the industrial sector in general, but it's not a straight line translation to lower copper demand," said Nitesh Shah, commodity strategist at WisdomTree.

"What we see is that the copper-intensive stories are probably still very much in full force at the moment."

Spending by China on its power grid, for example, has been strong, Shah added. It hit a record last year and was up 19% in the first five months of 2025, Citi said in a note.

Copper on the Shanghai Futures Exchange SCFcv1 rose 1.5% to 79,920 yuan ($11,148.93), having hit 80,060 yuan, its highest since March 31. It was up 2% for the week.

Expectations that the United States will impose tariffs on copper imports have pulled metal to that country, leaving shortages elsewhere.

Data on Friday showed that inventories in warehouses monitored by ShFE CU-STX-SGH slid 19% from the previous week to 81,550 tons, down 70% over the past four months.

LME copper stocks have tumbled 66% in the same period, sending premiums for nearby contracts soaring.

The premium for the LME cash copper contract over the three-month contract CMCU0-3 retreated on Friday to $207 a ton from $320 a ton on Thursday, its highest since November 2021.

U.S. Comex copper futures HGc3 dipped 0.2% to $5.11 a lb, bringing the premium of Comex over LME copper to $1,394 a ton, the highest since April 22.

Among other metals, LME aluminium gained 0.5% to $2,589.50 a ton, nickel CMNI3 added 0.1% to $15,230, zinc CMZN3 rose 0.4% to $2,779.50, lead CMPB3 edged up 0.1% to $2,039.50, while tin CMSN3 was little changed at $33,740.

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($1 = 7.1684 Chinese yuan)

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