Copper prices rose on Tuesday, as a low appetite for risky assets amid fears of weakening global economic growth weighed on prices.
Three-month copper on the London Metal Exchange fell 0.2 percent to $7,330 a ton while the most-traded October copper contract on the Shanghai Futures Exchange eased 0.3 percent to 60,910 yuan ($8,502.59) a ton.
As global central banks hiked interest rates to curb sticky inflation, the world economic growth outlook weakened and threatened demand for metals and hurt risk sentiment.
LME copper inventories rose to 129,000 tons, their highest since Aug. 15.
China’s top copper smelters lifted their floor treatment and refining charges for the fourth quarter of 2022 to a five-year high, as rising concentrate supply is expected to outpace the expansion in smelting capacity.
However, inventories of copper in China bonded warehouses continued to deplete and were last at a record low of 81,800 tons.
LME aluminum fell 0.3 percent to $2,134 a ton, while lead rose 0.4 percent to $1,762 a ton.
ShFEaluminum declined 1.2 percent to 18,170 yuan a ton, nickel was down 2.7 percent to 183,650 yuan a ton, zinc decreased 1 percent to 24,235 yuan a ton while tin rose 3.5 percent to 177,320 yuan a ton. — Reuters
