Copper prices remained rangebound on Tuesday on both the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE), as China’s GDP growth aligned with forecasts and investors turned their focus to upcoming U.S. inflation data that could shape the global monetary policy outlook.
As of 0203 GMT:
-
Three-month copper on the LME was up 0.27% at $9,644.5 per metric ton.
-
The most-traded SHFE copper contract dipped 0.33% to 78,030 yuan ($10,883.30) per ton.
According to the National Bureau of Statistics, China’s GDP rose 5.2% in Q2 2025, slightly slower than the 5.4% in Q1, but consistent with the market’s average projection of 5.1%, based on a Reuters poll. The country’s first-half GDP growth stood at 5.3%, supported by 2.8% growth in fixed asset investment year-on-year.
A Shanghai-based analyst noted that the metals market would remain relatively stable as long as growth remains above the 5% threshold. However, long-term trends will depend heavily on how Beijing addresses overcapacity and increasing competition across industrial sectors.
Meanwhile, the US dollar held near a three-week high, buoyed by expectations surrounding U.S. inflation figures and potential monetary policy shifts, especially amid speculation about the future of Fed Chair Jerome Powell, who continues to face pressure from President Donald Trump.
Iron Ore Prices Dip as China’s Property Woes and Steel Output Decline Weigh on Sentiment
In other base metals:
-
LME aluminium rose 0.17% to $2,596.5 per ton.
-
Nickel slipped 0.13% to $15,045, while tin was flat at $33,515.
On SHFE:
-
Nickel dropped 1.1% to 119,440 yuan per ton.
-
Tin declined 0.47% to 264,960 yuan.
-
Zinc fell 0.36%, lead dropped 0.18%, and aluminium edged 0.07% lower.
Despite the subdued movements, analysts continue to monitor copper and industrial metals for signals on broader economic momentum and global trade flows, especially amid tariff risks, overcapacity concerns, and inflation-related policy decisions.
