METALS-Copper dips ahead of key China data, supply concerns lend support
By Lucas Liew
Aug 14 (Reuters) - London and Shanghai copper prices dipped on Thursday ahead of economic data from top consumer China, though supply disruptions and lower production forecasts lent some support to the market.
Three-month copper on the London Metal Exchange CMCU3 was down 0.15% at $9,788.5 per metric ton by 0709 GMT, while the copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.49% to 78,950 yuan ($11,008.39) a ton.
The market is awaiting critical China data on Friday, with retail sales, industrial production, and fixed asset investment expected to show some improvement despite trade concerns, according to ANZ analysts.
Recent supply-side factors are providing support to prices, with Codelco's El Teniente suspending copper mining following a tunnel collapse that could see operations halted for months, ANZ said.
Additionally, Adani Enterprises ADEL.NS has applied for a new major copper smelter in India to be listed on the LME. The smelter has an annual production capacity of 500,000 metric tons and is the world's biggest single-location plant of its type.
Copper listed for storage in LME-registered warehouses can be delivered against copper futures traded on the exchange.
Meanwhile, Chile's copper commission lowered its 2025 production growth forecast to 1.5% year-on-year, down from a 3% estimate in May.
Analysts attributed the lower forecast to a decline in June production at mines operated by top companies, including BHP BHP.AX, Anglo American AAL.L, and Glencore GLEN.L.
Among other London metals, aluminium CMAL3 edged 0.06% lower to $2,614.5 a ton, nickel CMNI3 fell 0.48% to $15,190, lead CMPB3 lost 0.25% to $1,983, tin CMSN3 fell 0.33% to $33,620, and zinc CMZN3 eased 0.46% to $2,816.
SHFE aluminium SAFcv1 dipped 0.38% to 20,715 yuan, nickel SNIcv1 eased 1.26% to 121,200 yuan, lead SPBcv1 lost 0.92% to 16,770 yuan, tin SSNcv1 fell 1.01% to 267,420 yuan, and zinc SZNcv1 lost 0.84% to 22,480 yuan.
For the top stories in metals and other news, click
TOP/MTL or MET/L
($1 = 7.1718 Chinese yuan)
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
Related Articles
U.S. August CPI Preview: Persistent Rise in Inflation, What Impact on Rate Cuts? And on US Stocks?
TradingKey - On 11 September 2025, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI. As a result, headline CPI year-over-year may climb to 2.9%, up from 2.7%
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
Unlocking Gold’s Next Leg: $4,000 in Reach by 2025？
TradingKey - Gold has kicked off a fresh uptrend in early September, breaking out of months of compression and reclaiming key territory. The decisive move above $3,500 establishes a new support base and puts higher objectives back on the table for the weeks ahead
2025 Hottest US IPO Week: Klarna, Gemini, Figure Set for “Triple Launch”
TradingKey - 5 companies are now pricing their U.S. initial public offerings (IPOs) for the week starting September 8, with a total expected fundraising exceeding $3 billion, making it the busiest IPO week of 2025. Investors are closely watching the debut performance of Klarna, Gemini, and Figure.
