Copper falls ahead of Chinese GDP data

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Tuesday, October 18, 2016

The price of copper dropped for the fourth consecutive trading day on Tuesday in London, ahead of Wednesday's new trove of economic data out of China.

Spot copper closed down 0.13% to US$4,665.50/t (US$2.116/lb) on the London Metal Exchange from Monday's US$4,671.50/t, according to Chile's state copper commission Cochilco.

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China is expected to release its GDP growth figures for the third quarter. Analysts expect the country's economy expanded at a pace of 6.7%.

China is also due to release industrial production, retail sales and fixed asset investment figures for September, all of which are expected to be up month-on-month, Fastmarkets said.

Aluminum closed 1.1% higher on Tuesday to US$1,663.50/t, while lead was up 0.4% to US$1,995/t and nickel fell 0.6% to US$10,335/t. Zinc was 1.5% higher at US$2,295.50/t, tin was up 1.8% at US$19,855/t, and molybdenum was steady at US$15,250/t.