Copper consolidates after strongest week since May

Among other LME metals, aluminium CMAL3 rose 0.15%, zinc CMZN3 added 0.13%, lead CMPB3 gained 0.16% and tin CMSN3 edged up 0.04%, while nickel CMNI3 slipped 0.17%.

On the SHFE, aluminium SAFcv1 rose 0.21%, lead SPBcv1 gained 0.25% and nickel SNIcv1 climbed 0.53%. Zinc SZNcv1 fell 1.49% and tin SSNcv1 dropped 1.33%.

($1 = 6.7460 yuan)

Goldman Sachs said on Sunday it expected no material impact on global copper balances from Congo's ban, saying the measure largely consolidated a long-standing policy and affected trade flows that had already shrunk sharply.

In China, data released over the weekend showed consumer inflation slowed in July, while producer-price inflation eased to 3.5% from 4.1% in June, pointing to still-subdued domestic demand.

The Yangshan copper premium SMM_CUYP-CN, a gauge of China's appetite for imported copper, fell to $101 a ton on Friday, its lowest since July 20. The domestic spot premium SMM-CU-PND dropped to 70 yuan a ton, the lowest since July 16.

Copper consolidated above $14,000 on Monday after posting its strongest weekly gain since May, as concerns that the Democratic Republic of Congo's copper concentrate export ban could hit supply eased and some physical indicators in top consumer China softened.

Benchmark three-month copper CMCU3 on the London Metal Exchange edged 0.1% higher to $14,089.50 a ton as of 0240 GMT, while the most-active copper contract SCFcv1 on the Shanghai Futures Exchange slipped 0.35% to 107,640 yuan ($15,956.12) a ton.

Both London and Shanghai copper saw their strongest week since early May last week, rising 2.07% and 2.34%, respectively.