Copper prices tread water ahead of new China data

Monday, October 17, 2016

The price of copper was barely changed on Monday following two straight trading days of losses.

The metal saw little action in London ahead of the release of new economic data out of China, which will provide hints as to the health of the Asian giant's economy.

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Spot copper closed down 0.02% to US$4,671.50/t (US$2.119/lb) on the London Metal Exchange from Friday's US$4,672.50/t, according to Chile's state copper commission Cochilco.

"Market participants will be focusing their attention this week on further economic data from China, such as the figure for third quarter GDP," said a note from Commerzbank.

"If this turns out to be positive, as Prime Minister Li Keqianq has already hinted, it will likely lend buoyancy to metal prices," the German bank added.

Aluminum closed 2.4% lower on Monday to US$1,645/t, while lead was down 0.3% to US$1,986.50/t and nickel fell 0.3% to US$10,400/t. Zinc was 1.3% higher at US$2,260.50/t, tin was down 0.3% at US$19,510/t, and molybdenum fell 1.6% at US$15,250/t.