Aug 4 (Reuters) – London copper prices inched higher on Thursday after three straight sessions of losses, although gains were limited by concerns about demand amid slowing global economic growth.
Three-month copper on the London Metal Exchange CMCU3 rose 0.3% to $7,698 a tonne by 0241 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 fell 1.2% to 59,340 yuan ($8,787.99) a tonne.
LME copper has lost 29% since hitting a record high of $10,845 a tonne in March.
China’s State Grid plans to invest more than 150 billion yuan ($22 billion) in the second half of 2022 in ultra-high voltage power transmission lines, expected to drive demand for raw materials including copper and aluminium.
Metals prices were also weighed down by tensions between the United States and China over Taiwan, and fears that rising interest rates across the globe would dent economic activities.
LME aluminium CMAL3 rose 0.9% to $2,398.50 a tonne, zinc CMZN3 advanced 0.4% to $3,289.50 a tonne, ShFE aluminium SAFcv1 increased 0.2% to 18,205 yuan a tonne and tin SSNcv1 was up 0.4% at 193,150 yuan a tonne.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM June
0600 Germany Manufacturing O/P Cur Price SA June
0600 Germany Consumer Goods SA June
0830 UK All-Sector PMI July
1100 UK BOE Bank Rate Aug
1230 US International Trade June
1230 US Initial Jobless Clm Weekly
($1 = 6.7524 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
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