SG:Copper pares weekly gain ahead of China industrial output data
Bloomberg reported that copper pared a weekly advance as investors weighed China’s smaller than expected inflation rate and ahead of industrial output data due today.
Copper for delivery in three months on the London Metal Exchange fell 0.6% to USD 7,141.25 per tonne in Shanghai. The metal has climbed 2% this week.
China’s July consumer price index rose 2.7% from a year earlier, smaller than a 2.8% projection while producer prices fell 2.3% from a year earlier, compared with a median estimate of 2.1%. China releases data for industrial production this afternoon.
Mr Xu Liping an analyst at HNA Topwin Futures Company said that “The CPI data is a bit disappointing because that also mirrors relatively weak social consumption in China.”
