METALS-Copper retreats on weak China data

By Polina Devitt

LONDON, Nov 27 (Reuters) - Copper prices came under pressure on Thursday from weak data from top metals consumer China and renewed worries about the country's property sector, after hitting their highest in almost a month in the previous session.

Benchmark three-month copper CMCU3 on the London Metal Exchange was down 0.3% at $10,945 a metric ton by 1700 GMT.

The metal touched $11,025 on Wednesday, its highest since October 30, on expectations that the U.S. Federal Reserve will cut interest rates in December. It hit a record high of $11,200 on October 29 due to mine supply disruptions.

With the U.S. markets closed for the Thanksgiving holiday, the metals market focus was on data showing that China's industrial profits contracted in October and developer Vanke seeking to delay a bond repayment.

On the technical front, copper is supported by the 21-day moving average at $10,813.

The 2%-3% premium of the Comex copper contract over the LME benchmark 0#LMECMXCU:, which keeps attracting the metal into U.S. stockpiles, is likely to persist over the next 18 months, an LME executive said, citing uncertainties around copper tariffs in the U.S.

Comex copper stocks HG-STX-COMEX, last at 378,900 metric tons, hit a record high last week and have continued to climb this week. Stocks in LME-registered warehouses MCUSTX-TOTAL are down 42% this year at 157,175 tons.

This is adding to concerns that the inventories outside of the U.S. will stay relatively tight. The premium for the LME cash copper contract over the three-month forward CMCU0-3 hit its highest since mid-October at $25 a ton on Monday and was last at $20 on Thursday.

Aluminium CMAL3 and zinc CMZN3 fell 1.2% to $2,827 a ton and $3,018.50, respectively. Lead CMPB3 gained 0.3% to $1,985, while nickel CMNI3 added 0.2% to $14,840.

Tin CMSN3 was up 0.2% at $37,820 after hitting $38,650, a peak since May 2022, on fund activity led by persistent worries about supply disruptions.