Copper prices hit their lowest level in over three months on Friday, with London copper poised to experience the biggest weekly drop since November 2022 due to the lack of Chinese stimulus measures.

Le cuivre à trois mois sur le London Metal Exchange (LME) a increased by 0.2% to 9,408.50 dollars per metric ton at 04:23 GMT, reducing its losses after falling by up to 0.6% to 9,328.50 dollars earlier in the session, its lowest level since April 11. The most traded copper contract in August on the Shanghai Stock Exchange (SHFE) fell by 1.7% to 76,820 yuan ($10,571.95) per ton at noon break. Earlier in the session, it lost as much as 2.4 percent to 76,300 yuan, the lowest level since April 11

During the week, LME copper fell by 4.7%, on track to experience its biggest weekly drop since November 2022. SHFE copper fell by 3% week on week.

LME aluminum hit its lowest level since April 3, at $2,367.50 per ton, and SHFE aluminum fell 0.9% to 19,535 yuan, its lowest level since March 28.

The LME nickel price hit $16,385, its lowest level in four months. Nickel and aluminum have both been hampered by increased production in their main producing countries. LME lead fell by 0.3% to $2,151, tin fell by 0.3% to $31,520, and zinc fell slightly by 0.1% to $2,807

SHFE nickel rose 0.2% to 131,060 yuan, zinc fell 0.7% to 23,505 yuan per ton, lead lost 0.4% to 19,840 yuan per ton, lead lost 0.4% to 19,840 yuan, and tin fell 2.7% to 261,840 yuan per ton, lead lost 0.4% to 19,840 yuan.