"While the demand fundamentals for copper remain robust over the medium and longer term, we continue to see downside risk to near term prices on the back of a slowing global economy in the 2H (second-half) 2023, and China showing signs of weaker than expected demand," analysts at National Australia Bank Ltd said in a research note.
The most-traded May copper contract on the Shanghai Futures Exchange gained 1.65% to 70,290 yuan a tonne.
In Chile, the world's top copper producer of copper, production should pick up in the coming years after a recent slump, mining minister Marcela Hernando told Reuters on Thursday.
Among other metals, LME aluminium advanced 0.61% at $2,381.50 a tonne, lead dipped 0.05% to $2,145.50, nickel was up 1.23% at $23,990. Zinc was up 1% up to $2,865.50 and tin added 1.46% to $24,800. SHFE aluminium advanced 1.35% to 18,740 yuan, zinc added 1.64% to 22,370 yuan, lead nudged 0.13% lower to 15,300 yuan. Tin climbed 2.07% to 197,020 yuan, nickel was up 2.69% to 186,560 yuan. For the top stories in metals and other news, click or DATA/EVENTS (GMT) 0645 France CPI (EU Norm) Final MM, YY March 1230 US Import Prices YY March 1230 US Retail Sales MM March 1315 US Industrial Production MM March 1400 US U Mich Sentiment Prelim April (Reporting by Neha Arora; Editing by Rashmi Aich)
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