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Copper prices up on China retail data, Israel-Iran tensions weigh

Published: 16 Jun. 2025, 17:27

Bundles of copper cables [AP/YONHAP]

Copper prices on the Shanghai Futures Exchange (SHFE) and the London Metal Exchange (LME) inched up on Monday, supported by better-than-expected Chinese retail data, although the escalating Israel-Iran conflict capped gains.

The most-traded copper contract on the SHFE was up 0.2 percent at 78,550 yuan ($10,938.89) per metric ton as of 3:03 p.m. in Shanghai, rebounding from a decline earlier in the session, while the LME three-month copper gained 0.3 percent to $9,676.50.

"Copper seems to have performed more strongly as investors, after initial hesitation, reacted with some optimism to China's mixed data," a Beijing-based metals analyst with a futures company said.

China's May economic data was mixed, as its retail sales data exceeded expectations, even as industrial output missed the forecast. Ongoing weakness in the property sector also persisted during the month, with new home prices declining.

Meanwhile, escalations between Israel and Iran also showed no signs of cooling as the countries launched fresh attacks on each other over the weekend.

"Geopolitics has new uncertainty with the conflict, and this has raised concern over metals consumption," the metals analyst said.

The dollar firmed 0.25 percent on Monday, extending its gains with a further 0.2 percent rise in early Asian trading.

A firmer dollar usually makes greenback-priced commodities more expensive for buyers using other currencies.

SHFE zinc fell the most among metals by 0.5 percent to 21,840 yuan a ton, nickel ticked 0.3 percent lower to 119,690 yuan and aluminium eased 0.1 percent to 20,405 yuan, while lead gained 0.2 percent to 16,980 yuan and tin edged 0.1 percent higher to 264,500 yuan.

LME zinc gained 0.6 percent to $2,639 a ton, lead went up 0.2 percent to $1,994.50 and nickel rose 0.2 percent to $15,155, while tin fell 0.2 percent to $32,615.

Reuters