15.12.202504:21:03UTC+00Copper Pressured by Weak China Data

Copper futures held steady at approximately $5.3 per pound on Monday following a near 3% decline in the prior session. This recent slide was influenced by underwhelming economic reports from China, the world's foremost consumer of copper. The data indicated that November's retail sales growth and industrial production did not meet expectations due to tepid domestic demand, and fixed asset investment decreased more than anticipated. Additionally, new home prices fell for the 29th consecutive month, exacerbating concerns within the property sector. Market sentiment was further affected by news that bondholders dismissed China Vanke's proposal to extend a bond payment due today by one year, heightening the risk of a potential default. Despite these challenges, copper prices remained close to multi-month highs, buoyed by dwindling inventories in London and restricted global supply.