(Bloomberg) — Copper (HG=F) traded near its highest close in almost three weeks as investors looked to key economic data from the US and China due in coming days.
The metal moved between narrow gains and losses on the London Metal Exchange, after climbing more than 1% on Tuesday as US inflation data bolstered bets for the Federal Reserve to cut interest rates in September. Now, traders are looking to US retail sales numbers as well as key economic data from China on Friday.
Industrial metals have performed reasonably well in August, aided at least in part by a weaker US dollar. Copper, zinc and aluminum are up more than 2% so far, with the red metal shrugging off speculation about price declines after US President Donald Trump stopped short of blanket tariffs on the metal.
China’s Friday figures cover everything from retail sales to industrial output and fixed asset investment, giving investors the latest snapshot of how Asia’s biggest economy is faring.
Copper was down 0.02% at $9,838.50 a ton by 1:00 p.m. Shanghai time. Meanwhile, iron ore futures on the Singapore Exchange rose 0.1% to $104.55 a ton, heading for their highest close since July 24.
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