BEIJING- Copper prices dipped on Wednesday following a readout of China’s agenda-setting meeting that failed to meet investors’ expectation and darkened demand outlook from the world’s top consumer.
Three-month copper on the London Metal Exchange slid 0.2 percent to $8,340 per metric ton, while the most-traded January copper contract on the Shanghai Futures Exchange was down 0.1 percent to 67,960 yuan ($9,464.13) per ton.
China will step up policy adjustments to support an economic recovery in 2024, state media said, reporting on the annual Central Economic Work Conference that ended on Tuesday.
The readout failed to propose any large fiscal stimulus measures and lacked of details, disappointing investors, ANZ analysts noted.
Copper is widely used in power, construction and transportation sectors and its consumption has been hit by property woes in the world’s top metal consumer.
Nevertheless, global miner Rio Tinto’s chairman on Tuesday expressed optimism about China’s economic growth potential and will stick to its long-term strategy there, after a rare meeting on Tuesday with a top Chinese official, state media said.
LME aluminum gained 0.3 percent at $2,126.50 a ton, tin dipped 0.2 percent to $24,525, zinc shed 0.1 percent to $2,427, lead nudged up 0.3 percent to $2,044.50, and nickel fell 0.5 percent to $16,435.
