BEIJING- Copper and most other base metals retreated on Thursday, weighed down by concerns of a further slowdown in demand as US housing data cemented fears about a global recession.
US housing starts in June fell to their lowest level since September 2021 amid decades-high inflation, as surging mortgage rates reduce affordability.
Three-month copper on the London Metal Exchange was done 1.19 percent to $7,290 a ton, while the most-traded August copper contract on the Shanghai Futures Exchange declined 0.53 percent to 56,050 yuan ($8,287.62) a ton.
Copper is often used as a gauge of global economic health.
Weak demand in China, the world’s biggest consumer of metals, also weighed on prices.
The country’s strict COVID-19 restrictions have dampened market confidence about a quick recovery in metals demand.
Among other metals, LME zinc fell 1.4 percent to $2,965.5 a ton and lead declined 0.9 percent to $2,015 a ton.
ShFE nickel jumped 3.8 percent to 167,060 yuan a ton, lead increased 1.4 percent to 15,270 yuan a ton and tin climbed 2.4 percent to 192,930 yuan a ton. — Reuters
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