China's weakened demand pushes copper and iron ore prices lower
Chinese import demand for refined copper fell sharply, dropping 13 % year‑on‑year to about 1.37 million tonnes, the lowest first‑half level since 2017. The slowdown contributed to a decline in London Metal Exchange (LME) copper prices, which slipped around 0.4 % to roughly $13,680 per tonne. Iron‑ore futures also fell below the $100 benchmark, trading near $98.30 per tonne. By contrast, prices for aluminium and nickel rose on supply‑concern narratives, while zinc and tin slipped further.
LME aluminium inventories reached their lowest point since 1998, and Shanghai Futures Exchange copper stocks declined to 69,610 tonnes, the lowest in two‑and‑a‑half years. Market participants linked the metal‑price moves to expectations around the U.S. Federal Reserve’s upcoming interest‑rate decision, as well as to broader energy‑market dynamics, including declining U.S. crude‑oil inventories and possible OPEC+ production delays.
Entities: China · London Metal Exchange · OPEC+ · Shanghai Futures Exchange · U.S. Federal Reserve
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Iron‑ore price fell below $100, trading near $98.30 per tonne. (455b7436-1d81-43c7-b912-bf0995a899d0, d9ac1797-e072-441d-ac11-466e5de1ed97)
- [○ 1 SOURCE] LME aluminium inventories reached the lowest level since 1998. (8c368222-2cbd-4c4a-84e8-2ee631d1d956)
- [● 2 SOURCES] Markets focused on the U.S. Federal Reserve’s upcoming interest‑rate decision as a driver of metal‑price movements. (d9ac1797-e072-441d-ac11-466e5de1ed97, 8c368222-2cbd-4c4a-84e8-2ee631d1d956)
- [○ 1 SOURCE] U.S. crude‑oil inventories declined, and OPEC+ may delay production hikes, influencing oil prices. (d9ac1797-e072-441d-ac11-466e5de1ed97)
- [● 2 SOURCES] China's refined copper imports declined 13 % year‑on‑year to about 1.374 million tonnes. (d9ac1797-e072-441d-ac11-466e5de1ed97, 455b7436-1d81-43c7-b912-bf0995a899d0)
- [○ 1 SOURCE] Shanghai Futures Exchange copper stocks fell to 69,610 tonnes, the lowest in 2½ years. (455b7436-1d81-43c7-b912-bf0995a899d0)
- [● 2 SOURCES] LME copper price fell about 0.4 % to $13,678 per tonne. (8c368222-2cbd-4c4a-84e8-2ee631d1d956, 455b7436-1d81-43c7-b912-bf0995a899d0)
- [● 2 SOURCES] Aluminium and nickel prices rose while zinc and tin prices declined. (d9ac1797-e072-441d-ac11-466e5de1ed97, 8c368222-2cbd-4c4a-84e8-2ee631d1d956)