Copper traded near its highest close in almost three weeks as investors awaited key economic data from the US and China.
The metal moved between narrow gains and losses on the London Metal Exchange, after climbing 1.1% Tuesday as US inflation figures bolstered bets on Federal Reserve interest-rate cuts in September. Now, traders are looking to US retail sales numbers as well as key economic data from China on Friday.
Industrial metals have performed reasonably well in August, aided at least in part by a weaker US dollar. Copper, zinc and aluminum are up more than 2% so far, with the red metal shrugging off speculation about price declines after US President Donald Trump stopped short of blanket tariffs on the commodity.
China’s figures on Friday will cover everything from retail sales to industrial output and fixed asset investment, giving the latest snapshot of how Asia’s biggest economy is faring.
Copper rose 0.1% to $9,853.50 a ton at 11:17 a.m. London time. Iron ore futures on the Singapore Exchange fell 0.8% to $103.65 a ton. –With assistance from Jack Ryan.
