The most-traded July copper contract on the Shanghai Futures Exchange rose slightly by 0.1% to 84,050 yuan ($11,601.58) per ton.
Robust economic data from the U.S. and Germany, which boosted prospects of sustained high interest rates on both sides of the Atlantic, also dampened metals and broader financial markets.
“We were looking for support in the metals space from the prospect of restocking as interest rates started to come down. However, the expectation that U.S. rates will only be cut once this year has deflated some investment appetite,” Hansen explained.
A normalization between London and New York futures prices also pressured copper prices after a recent rally was driven by a short squeeze on the U.S. Comex exchange.
Other metals saw mixed results: LME aluminium increased by 1.1% to $2,649 per ton, nickel rose by 0.7% to $20,225, tin climbed 0.9% to $33,750, while zinc slightly declined by 0.1% to $3,061 and lead fell by 0.5% to $2,295.
