HANOI- London copper fell on Tuesday, snapping a three-session rally, as investors awaited data from the United States and China later this week for more clues to support prices.
Three-month copper on the London Metal Exchange (LME) fell 0.6 percent to $8,973 per metric ton.
The most-traded September copper contract on the Shanghai Futures Exchange (SHFE) rose 1.1 percent to 72,470 yuan ($10,091.49) a ton, tracking overnight gains in London.
China is due to release its urban investment and loans data this week, and the US will report its consumer prices figures on Wednesday, which will give clues to the timing of a rate cut by the Federal Reserve.
Copper prices in recent sessions were supported by improving demand from top consumer China, after five straight weeks of falling prices, with the premium to import copper into China at $60 a ton, rebounding from a $20 discount in May.
A copper fabricator in China said improving order from the country’s State Grid and cheaper copper prices, which are 20 percent below a record high of $11,104.50 a ton hit in May, were supporting consumption.
“With resurfacing supply underperformance and signs of improved demand in China, we foresee upside to copper prices this week,” said Benchmark Mineral Intelligence analysts in a note.
