Industrial metals were mostly lower on Wednesday on global growth concerns, but losses in copper were capped following reports about “progress” being made to resolve an issue that has led to the suspension of operations at a mine in Peru.
Three-month copper on the London Metal Exchange was down 0.3 percent at $9,429 a ton, as of 0630 GMT.
The most-traded July copper contract on the Shanghai Futures Exchange fell 0.6 percent to 71,340 yuan ($10,695.65) a ton.
“Negativity returned to risk markets as economic data reinforced growth concerns,” ANZ analysts said in a note.
Latest key indicators reinforce concerns about how supply chain bottlenecks, high inflation, and rising interest will impact global growth, they said.
In top metals consumer China, COVID-19 lockdowns kept markets on edge, largely unexcited about Beijing’s attempts to shore up the domestic economy through additional stimulus measures. — Reuters
