WSJ:LME Copper Dips Ahead of Busy Chinese Data Week
By Francesca Freeman
LONDON--Copper prices edged lower on the London Metal Exchange Friday, treading water ahead of a raft of economic data from top consumer, China, next week.
The LME's three-month copper contract was down 0.2% at $7,296 a metric ton in European morning trade. Aluminum was up 0.3% at $1,803.75 a ton.
Copper trade was cautious as investors awaited data reports on Chinese gross domestic product, industrial output and manufacturing sentiment surveys, due next week.
Copper is used in a wide range of industrial products, including automobiles, wiring and home appliances, making prices sensitive to such economic data. China accounts for about 40% of global copper use.
Recent reports on the country suggested the pace of economic expansion slowed in December, weighing on sentiment in the copper market.
"We would watch developments in China," said William Adams, head of research at FastMarkets.com. Should the market start to get nervous about demand from the region, "that could dampen sentiment generally," he said.
In other base metals Friday, zinc was down 0.5% at $2,064.75 a ton, nickel was down 0.9% at $14,558 a ton, lead was 0.3% lower at $2,189.75 a ton and tin was down 0.9% at $22,225 a ton.