Copper is stable after initial advance, with prices weighed down by demand fears from China

Copper was stable on Monday after rising earlier in the session, as demand fears in China were offset by strong figures for the country’s export growth, falling inventories and the approval of an infrastructure bill. $ 1 trillion in the United States.

At 1136 GMT, three-month copper on the London Metal Exchange (LME) was down marginally 0.18% at $ 9,500.50 a tonne.

The metal’s price traded in a tight US $ 300 range over the past week, as the market awaits clues about future demand prospects.

“Industrial metals still face headwinds amid signs of a subsiding energy crisis and destruction of demand that added pressure on the economic outlook for the largest consumer (China) and other parts of the world.”Said ING analyst Wenyu Yao.

“As a result, the results of China’s Politburo meeting this week will be closely scrutinized for clues on the prospects for metal demand.”He added.

China’s export growth beat forecasts, helped by booming global demand, a waning energy crisis and an improvement in supply chains.

Stocks at LME-registered warehouses have more than halved since the end of August to 115,525 tonnes.