Copper prices in London face their third weekly decline, reaching prices below $10,000 per ton due to mixed data in China, the world’s top consumer of metals. Copper inventories in warehouses monitored by the Shanghai Futures Exchange have reached highs in more than four years, rising 4.7% this week.
Rebound in copper inventories in China
Copper inventories in warehouses monitored by the Shanghai Futures Exchange are at more than four-year highs after a rally since early 2024. They are up 4.7% this week.
London copper prices on the decline
London copper prices are heading for their third weekly decline, trading below the key $10,000 per tonne level following mixed trade data released from China, the world’s top consumer of the metals.
Copper decline on the London Metal Exchange
Three-month copper on the London Metal Exchange (LME) has lost 1.7%, settling at US$9,972.50 per ton. The metal has registered a fall of 0.6% this week and has accumulated a decrease of 10% since its historical maximum reached on May 20.
Mixed indicators in China
In China, May trade data has shown better-than-expected exports, suggesting external demand for copper. However, imports have increased at a slower pace, reflecting the fragility of domestic consumption. There are concerns about a further rise in stocks in China due to higher-than-expected imports of raw copper.
Investor expectations
Investors are awaiting a key U.S. jobs report due later in the day for clues about when the Federal Reserve might begin cutting interest rates. The outlook for growth-dependent metals is linked to this information.
