Copper hovers at two-week high on China data boost

PHOTO

SINGAPORE - London copper prices were almost unchanged on Tuesday, hovering around a two-week high hit in the previous session after top consumer China reported positive industrial output and investment data.

Three-month copper on the London Metal Exchange was almost flat at $5,985 a tonne, as of 0346 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.3% to 46,920 yuan ($6,825.72) a tonne.

Better-than-expected industrial output and fixed asset investment data from China released on Monday sent prices of most base metals higher, with copper touching its highest since July 1.

"Copper prices have been at lower ranges for a long time, so this is a rebound. Currently, supply and demand have changed a little. Short period price change will rely more on macroeconomic data," said CRU's copper analyst He Tianyu.

FUNDAMENTALS

* PRICES: London aluminium was unchanged, nickel climbed 0.2% and zinc dropped 0.4%. In Shanghai, aluminium rose 0.4%, nickel climbed 2.3%, while zinc dipped 0.1%.

* PERU: Protesters blocked a portion of Peru's main coastal highway on Monday in the start of a new challenge to Southern Copper Corp's $1.4 billion Tia Maria copper mine project that has been a lightning rod for conflict.

* RIO TINTO COPPER: Rio Tinto on Tuesday flagged a cost blowout of up to $1.9 billion and a delay of up to 30 months at its Oyu Tolgoi underground copper mine in Mongolia, the miner's key growth project.

* CHINA: China's fixed-asset investment project approval in the first six months increased 81% by value compared with a year earlier as Beijing ramped up infrastructure spending to help support a slowing economy.

* TRADE: U.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were having "a major effect" and warned that Washington could pile on more pressure as bilateral trade talks sputtered along.

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin