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Copper slips in New York as China data tempers demand outlook

Comex September copper fell 0.5% to $6.5645 a pound, after an all-time peak retreat, while China industrial profit growth cooled to the weakest pace this year.

Reported · Written up by our desk · Energy Transition

Copper prices extended a retreat in New York as updated data from China shifted focus away from tariff-driven metal repositioning and toward underlying demand in the world’s biggest copper market, Mining.com reported.

By late morning, Comex copper for September delivery was down 0.5% to $6.5645 a pound, pulling back from Wednesday’s record high of $6.7775. The contract’s sharp gains had topped in three of the prior four sessions before profit-taking set in ahead of Friday’s Jackson Hole address by Federal Reserve chairman Kevin Warsh.

In London, the prompt market showed little sign of easing, with the LME’s official cash price rising to $14,525 a tonne at Wednesday’s close, up $355 on the week. The premium over three-month copper rebuilt to $189, after earlier month action that reflected metal rushed into LME sheds.

China’s industrial profit growth slowed, rising 11.2% in July from a year earlier, down from 15.1% in June, according to data cited from the National Bureau of Statistics. Mining.com added that government data pointed to uneven momentum, with electronics and raw materials leading profit growth while consumer-facing sectors lagged, alongside supply and inventory shifts tied to planned US refined copper import duties.

Latest closeCopper $6.713 ▲0.0%

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