BEIJING- Copper prices rose on Wednesday ahead of the release of China economic data, with bright demand outlook and concerns about longer-term supply supporting the market.
Three-month copper on the London Metal Exchange gained 0.5 percent to $8,008 per metric ton by 0125 GMT, and the most-traded November copper contract on the Shanghai Futures Exchange was up 0.5 percent at 66,530 yuan ($9,100.61) per ton.
China, the world’s top metal consumer, is expected to release its GDP data by 0200 GMT on Wednesday, which is likely show the country’s economic growth slowed sharply in the third quarter to around 4.4 percent .
But increased stimulus has improved the prospects that Beijing might be able to hit its full-year growth target.
Demand for copper has been robust, supported by strong consumption from the renewable energy and infrastructure sectors.
Raising concerns about supply of the metal key to energy transition, mining giant Glencore said it was set to close its copper operations at Mount Isa mines in Queensland, Australia by the second half of 2025.
LME aluminum gained 0.4 percent to $2,186.50 a ton, tin ticked up 0.2 percent to $25,842, zinc increased 0.8 percent to $2,440.50, lead rose 0.9 percent to $2,097, and nickel moved up 0.6 percent to $18,705. – Reuters
