Copper in London edged higher on stronger economic data out of top importer China and a continued slide in European inventories as traders weigh market impacts of conflict in the Middle East.
The industrial metal rose 0.6% Monday on the London Metal Exchange to settle at $9,703, reversing Friday's losses. Copper futures are up nearly 11% since the start of the year. The LME's European warehouses have seen copper volumes fall for 26 days straight, the longest run of declines since 2020.
Meanwhile in China, data Monday showed retail sales grew last month at the fastest pace since 2023, boosting an economy strained by a trade war with the US and a property crisis at home.
Commodity traders are paying close attention to the escalating conflict between Israel and Iran, with the two countries exchanging fire for the fourth consecutive day on Monday and stoking fears of an all-out war in the oil-rich region.
“For base metals, markets continue to watch the conflict in the Middle East,” said Ewa Manthey, commodity strategist with ING Groep NV. “The markets will remain on edge with geopolitical risks once again at the front and center.”
Other base metals were mixed, with nickel slipping 0.4% and aluminum rising 0.4%.
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