METALS-Copper prices fluctuate as China GDP meets forecast, markets eye US data

By Hongmei Li

SINGAPORE, July 15 (Reuters) - Copper prices on the London Metal Exchange and the Shanghai Futures Exchange saw narrow fluctuations on Tuesday, as China's GDP growth aligned with forecast, while traders awaited U.S. inflation data and potential monetary policy shifts.

Three-month copper on the LME CMCU3 was up 0.27% at $9,644.5 per metric ton, as of 0203 GMT, while the most-traded copper contract on the SHFE SCFcv1 eased 0.33% to 78,030 yuan ($10,883.30) a ton.

China's GDP grew 5.2% during April-June, slightly lower than the 5.4% in the first quarter, and the country's GDP growth for the first half of 2025 was at 5.3%, with fixed asset investment up 2.8% year-on-year, according to China's National Bureau of Statistics.

"Metals market will not be reacting much so long as the China's GDP growth for the first half is above 5%, and for the rest of 2025 and in the longer term, it is more about how Beijing will be dealing with the overcapacity in many industrial sectors and cut-throat competition," a Shanghai-based metals analyst from a futures company said.

China's GDP was projected to grow 5.1% year-on-year in April–June, slowing from 5.4% in the first quarter, according to a Reuters poll.

The dollar hovered near a three-week high against major peers, as traders awaited U.S. inflation data for clues on monetary policy and the potential departure of Federal Reserve Chair Jerome Powell amid continued criticism from U.S. President Donald Trump.

LME aluminium CMAL3 inched 0.17% higher to $2,596.5 per ton, while nickel CMNI3 fell 0.13% to $15,045, and tin was trading flat at $33,515.

SHFE nickel SNIcv1 fell 1.1% to 119,440 yuan per ton, tin SSNcv1 dropped 0.47% at 264,960 yuan a ton, zinc SZNcv1 slipped 0.36% to 22,125 yuan, lead SPBcv1 was down 0.18% at 17,030 yuan, and aluminium SAFcv1 edged 0.07% lower to 20,420 yuan a ton.

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TOP/MTL or MET/L

DATA/EVENTS (GMT)
0900 Germany ZEW Economic Sentiment, ZEW Current Conditions July

1000 EU Reserve Assets Total June

1230 US Core CPI MM, SA June

1230 US Core CPI YY, NSA June

1230 US CPI MM, SA June

1230 US CPI YY, NSA June

1230 US CPI Wage Earner June

($1 = 7.1697 Chinese yuan)

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