LONDON- Copper and most industrial metal prices traded lower after investors were disappointed with modest stimulus measures announced by top metals consumer China to boost its economy.
Three-month copper on the London Metal Exchange (LME) shed 0.6 percent to $8,436 per metric ton after rising on Thursday.
Chinese authorities unveiled measures to boost consumption of automobile and electronics items as part of a broader drive to shore up the country’s faltering economy.
“Everyone is still pretty downbeat in terms of China. There are measures they try to come up with, but the hard numbers still look quite poor in terms of Chinese activity, especially in things like construction,” said Dan Smith, head of research at Amalgamated Metal Trading.
“Europe also looks pretty weak in terms of manufacturing and generally for base metals demand. We expect that the next few months are going to be weak in metals, even for copper, on which we’re more bullish for the medium term.”
