SINGAPORE—Copper prices on the London Metal Exchange and the Shanghai Futures Exchange saw narrow fluctuations on Tuesday, as China’s GDP growth aligned with forecast, while traders awaited US inflation data and potential monetary policy shifts.
Three-month copper on the LME was up 0.27 percent at $9,644.5 per metric ton, as of 0203 GMT, while the most-traded copper contract on the SHFE SCFcv1 eased 0.33 percent to 78,030 yuan ($10,883.30) a ton.
China’s GDP grew 5.2 percent during April-June, slightly lower than the 5.4 percent in the first quarter, and the country’s GDP growth for the first half of 2025 was at 5.3 percent, with fixed asset investment up 2.8 percent year-on-year, according to China’s National Bureau of Statistics.
“Metals market will not be reacting much so long as China’s GDP growth for the first half is above 5 percent, and for the rest of 2025 and in the longer term, it is more about how Beijing will be dealing with the overcapacity in many industrial sectors and cut-throat competition,” a Shanghai-based metals analyst from a futures company said.
China’s GDP was projected to grow 5.1 percent year-on-year in April–June, slowing from 5.4 percent in the first quarter, according to a Reuters poll.
The dollar hovered near a three-week high against major peers, as traders awaited US inflation data for clues on monetary policy and the potential departure of Federal Reserve Chair Jerome Powell amid continued criticism from US President Donald Trump.
LME aluminum inched 0.17 percent higher to $2,596.5 per ton, while nickel fell 0.13 percent to $15,045, and tin was trading flat at $33,515.
SHFE nickel fell 1.1 percent to 119,440 yuan per ton, tin dropped 0.47 percent at 264,960 yuan a ton, zinc slipped 0.36 percent to 22,125 yuan, lead was down 0.18 percent at 17,030 yuan, and aluminium edged 0.07 percent lower to 20,420 yuan a ton.
