Copper futures fell toward $6.50 per pound on Thursday, touching their lowest level in two weeks as investors weighed mixed economic signals from top consumer China and anticipated subdued trading during the country’s upcoming weeklong holiday.
Data released on Monday showed that industrial profits in China rose 15.7% in the first eight months of the year compared with the same period a year earlier, a slower pace than the 17.6% increase recorded from January to July. In contrast, figures published on Wednesday indicated that China’s manufacturing sector returned to growth in September, bolstering the demand outlook in the world’s largest metals market.
On the supply side, investors monitored developments in Chile, where output could be disrupted by a strike at an Antofagasta Plc-owned site, while in Panama the government has proposed restarting operations at a major copper mine. Elsewhere, the Trump administration has so far postponed a decision on whether to impose tariffs on refined copper.
