London copper prices edged lower on Monday as uncertainty over any stimulus signals from top consumer China’s economic conference this month weighed on sentiment.
The three-month copper contract on the London Metal Exchange (LME) shed 0.5 percent to $9,078.5 per metric ton.
Meanwhile, the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) was up 0.2 percent to 74,670 yuan ($10,259.83).
The market’s focus is on China’s Central Economic Work Conference meeting this month, where top leaders will set economic growth targets.
So far, investors have faced disappointment due to the lack of aggressive fiscal stimulus measures by China to boost its sluggish economy.
“Any signals for higher monetary or fiscal stimulus will be well received – although it does appear as though markets have a default setting of being disappointed by Chinese stimulus efforts so far,” said Natalie Scott-Gray, senior metals analyst, EMEA & Asia at StoneX.
LME aluminum fell 0.6 percent to $2,588.5 a ton, zinc slipped 0.2 percent at $3,067, lead decreased 0.4 percent to$2,063.5, nickel eased 0.2 percent at $16,015, while tin added 0.2 percent at $29,195.
SHFE aluminum lost 0.5 percent to 20,315 yuan a ton, zinc declined 0.7 percent to 25,415-yuan, lead fell 0.7 percent at 17,625 yuan, while tin gained 0.2 percent at 244,220 yuan and nickel rose 1.3 percent to 126,900 yuan.
