Weak manufacturing data from the main Chinese consumer suggests a deterioration in the outlook for copper demand. However, the bill of lading fell on Monday, January 27, 2025

The price of copper, the reference of the London metals market (LME), was down 1.1% to 9,171 dollars per ton at 11:24 GMT. It reached $9,355.50 per ton on Friday, its highest level since November 12

“China has reduced its risks (sales) before its release this week... We are in a market that is not going to break upward,” said Alastair Munro of broker Marex.

However, significantly lower copper prices could attract Chinese buyers, Munro said, adding that they have already committed to around the $8,800 level.

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In addition, the discount from the spot aluminum contract to the three-month futures contract was reduced to around $7 per ton, its lowest level since last September, due to concerns over stocks on the LME market. The discount was over $40 in December

Aluminum stocks in LME warehouses have fallen by almost half since last May, to 592,625 tons. Cancelled warrants (metal intended for delivery) at 59% suggest that more metal will leave the system in the days and weeks to come. Aluminum over three months fell by 0.6% to $2,623 per ton

Zinc rose 0.3% to $2,836 per ton, lead gained 0.5% to $1,949, tin fell 0.8% to $29,915, and nickel rose 0.6% to $15,765.