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LONDON - Prices for copper and other base metals rose in London on Wednesday after better-than-expected economic data from China brightened the demand outlook in the world's top consumer.
Three-month copper on the London Metal Exchange rose 0.6% to $8,020 per metric ton in official open-outcry trading.
The growth-dependent metal, used in power and construction, is down 4.3% so far this year amid a patchy post-pandemic recovery in China, high global interest rates and soft demand conditions outside China.
"We expect the base metals complex to remain under pressure in the fourth quarter as growth challenges and demand uncertainty, coupled with a cloudy macro-economic landscape, weigh on prices and sentiment," said Standard Chartered analyst Sudakshina Unnikrishnan.
China's gross domestic product grew 4.9% in July-September, beating analysts' forecasts, while consumption and industrial activity in September suggested the recent policy measures are helping bolster the tentative recovery.
The country's non-ferrous metal output was up 7.3% to a monthly record high in September amid robust demand for metals like copper and aluminium and a low stockpile of metals in China.
Investor sentiment in the broader markets was fragile due to the risk of a widening conflict in the Middle East, which has translated into higher oil and gold prices. In China, investors are focused on the ability of the country's biggest private property developer to service its debt.
On the technical front, copper is facing resistance from the 21-day moving average at $8,077 per ton. Copper inventories in LME-registered warehouses rose by 11,000 tons to a two-year high of 191,675 tons, LME daily data showed.
LME aluminium gained 0.4% to $2,185 a ton in official activity, zinc increased 1.1% to $2,448, lead rose 1.6% to $2,110.5 and nickel added 0.6% to $18,710.
Tin was up 1.0% at $25,625 after touching $25,690, the highest since Sept. 28.
(Reporting by Polina Devitt in London; additional reporting by Siyi Liu; editing by Sohini Goswami, Kirsten Donovan)





















