LONDON- Copper prices recoiled from a five-month peak on Friday, as disappointing loans data from top metals consumer China and concerns around US tariffs dampened buying activity.
Benchmark three-month copper on the London Metals Exchange was little changed at $9,786 a metric ton, pulling back from $9,850, its highest since October 9.
Prices retreated after new bank lending in China fell more than expected in February from a record high in the previous month.
“It doesn’t really give confidence that China has got things under control in terms of stimulus and activity in the country, so that’s going to be negative for the copper price,” said Nitesh Shah, commodity strategist at WisdomTree.
“Also, Dr. Copper will always be very sensitive to growth concerns elsewhere in the world. I think the tariffs are creating those concerns,” he added.
Copper has pulled back and forth between worries that demand will suffer if growth tapers off, and buying that has banked on the assumption that tariffs would force US consumers to pay more for the metal.
LME copper had risen for three consecutive sessions, bringing year-to-date gains to 12 percent.
Most active US Comex May copper futures were down 0.7 percent at $4.89 a lb after hitting $4.96, their strongest since May last year.
The premium of Comex copper over LME was $1,012 a ton.
Tin prices remained elevated after Alphamin Resources halted operations at its Bissie tin mine in the Democratic Republic of Congo. On Thursday, LME futures had rocketed to their highest since 2022.
