SG:LME copper steadies ahead of key Chinese and US data
Reuters reported that London copper steadied after dropping 1.3% in the last session amid thin trading ahead of key Chinese and US data due on Tuesday.
Fundamentals;
1. Three month copper on the London Metal Exchange rose 0.1% to USD 8,948.25 at a tonne by 0118 GMT, treading water after falling to USD 8,901.75 in the previous session, the lowest since May 25.
2. Weak Chinese import data and concerns about the economies of the United States and Europe had weighed on the futures contract.
3. The most active August copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.7% to CNY 67,100 per tonne catching up with its previous losses in London.
4. Investors were hesitant ahead of Tuesday's release of Chinese industrial output and consumer price index data and US inflation numbers.
5. More losses are expected on Wall Street after major stock markets fell for a fifth week in six on Friday on growing worries about the global economy while US crude oil prices sank more than USD 2.
