Copper prices under pressure from rising inventory, weak China data
Updates prices
By Mai Nguyen
July 16 (Reuters) -Copper prices fell on Tuesday as weak economic data from top consumer China and rising inventories in most global warehouses pressured demand outlook for the metal.
Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.8%to $9,723.50 per metric ton by 0810 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed down 0.5% at 79,280 yuan ($10,911.09) a ton.
Copper inventories in LME-approved warehouses, Comex warehouses, bonded warehouses in China as well as warehouses designated by the Shanghai International Energy Exchange increased so far in July, pointing to weak demand.
"Metals are turning quite sensitive to the stock reports. So changes in exchange warehouses' stocks would be a key point to watch," said Sandeep Daga, a director at Metal Intelligence Centre.
China's economy grew much slower than expected in the second quarter, painting a weak demand picture as the country accounts for around half of copper demand annually.
However, the data boosted stimulus hopes from China, even though most market participants do not expect a specific metals-intensive measure.
Speculative interest in copper has improved slightly, evidenced by fund managers holding a net long position of 43,403 contracts on the CME copper contract as of July 8, the first increase since May 20 when copper hit a record high price.
But the uptick is minimal and is supported by the slow arrival of stocks in Comex warehouses, said Daga, which is only around 1,000 tons so far in July compared to an expectation of 50,000 tons.
LME aluminium CMAL3 eased 0.6%to $2,446.50 a ton, zinc CMZN3 shed 1% to $2,925.50, tin CMSN3 fell 0.5% to $33,090, lead CMPB3 was dipped 0.2% to $2,183.50 while nickel CMNI3 rose 0.1%to $16,725.
SHFE aluminium SAFcv1 fell 0.9% to 19,860 yuan a ton, nickel SNIcv1 declined 0.4%to 133,980yuan, tin SSNcv1 shed 0.4%to 273,500yuan, while zinc SZNcv1 was nearly flat at 24,240 yuan and lead SPBcv1 was up 0.6% at 19,725 yuan.
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Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich and Eileen Soreng
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