Copper futures were seen trading lower on Tuesday. The metal fell from its 10-week high after China, the world’s largest consumer of the metal, released its industrial data and retail sales data, which both came in lower than expected.
Copper futures for July delivery fell 0.38% to $3.138 a pound on the Comex in New York at the time of writing, falling from its ten-week high of $3.153 a pound recorded on Monday. Copper for delivery in three month dropped 0.5% to $6,848 a metric ton on the London Metal Exchange at the time of writing.
China’s Industrial production edged 8.7% higher in April on an annual basis, compared to the previous reading of 8.8% seen in March and below analysts’ forecast of 8.9%. While the country’s retail sales rose 11.9% in April year-on-year, compared to the 12.2% recorded in March.
Figures for China’s industrial production and retail sales raise concerns that demand for copper could reduce. China is the world largest consumer of the metal and accounted for approximately 40% of the world consumption last year.
Copper stockpiles monitored by the LME, fell by 45% this year to the lowest since October 2008, falling for the fifteenth session to 202,975, according to reports.
Meanwhile, investors will be focusing on the release of the US retail sales which are due later in the day and expected to show a rise of 0.4% in April, after rising by 1.1% in the previous month.
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