Copper rebounds as supply worries outweigh weak China data
Prices are rebounding after Wednesday's fall, supported by supply issues in Chile, which could protect the downside in copper, ANZ analyst Soni Kumari said.
Copper prices in London rebounded from a two-week low on Thursday as lower stockpiles and supply uncertainty in top producer Chile helped offset the impact of dismal economic data from China, the world's biggest user of the metal.
Benchmark three-month copper on the London Metal Exchange (LME) rose 0.1% to $5,843 a tonne by 0722 GMT, after hitting its lowest since Nov. 1 in the previous session.
Prices are rebounding after Wednesday's fall, supported by supply issues in Chile, which could protect the downside in copper, ANZ analyst Soni Kumari said.
The weak Chinese data did not trigger a fresh sell-off as it was not a "big surprise," she added.
China's industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out China-U.S. trade warweighed on activity in the world's second-largest economy.
The bleak data coupled with uncertainty over the prospects of an interim trade deal between Washington and Beijing limited gains in copper prices.
The most traded copper contract on the Shanghai Futures Exchange (ShFE) ended almost unchanged at 47,030 yuan ($6,724.24) a tonne.
"Impact of Chinese stimulus is not yet mirrored in the hard numbers. So, macro backdrop has not seen any significant change and we believe the sector remains vulnerable to trade related disappointments," Kumari said.
Copper is often used as a gauge of economic health and the prolonged trade war has dampened global growth and demand for the metal.
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