Copper falls on LME stock buildup, weak China data
XLB•Other base metals mostly lower
Aluminium CMAL3 dipped 0.8% to $3,239.50 a ton, zinc CMZN3 fell 1.3% to $3,719.50 and tin CMSN3 slipped 0.7% to $55,355.
Lead CMPB3 edged up 0.1% to $1,889.50, while nickel CMNI3 gained 0.3% to $16,885 after an Indonesian presidential spokesperson said the country's planned exchange for mineral and strategic commodities would likely include the metal.
Copper eases from six-month high as LME inventories climb
Copper slipped on Tuesday, easing from a six-month high hit in the previous session, as London Metal Exchange inventories climbed for a second day and the market digested disappointing economic data from top consumer China.
Benchmark three-month copper CMCU3 on the LME was down 0.8% at $14,036 a metric ton as of 0900 GMT. It briefly dipped below the $14,000 mark after the LME stocks data release, losing as much as 1.1% to $13,997.
The data showed another 17,450 tons of copper inflows into LME warehouses on Monday, including 7,250 tons in the U.S. and 3,000 tons in Hong Kong, as well as 2,575 tons of reverse cancellations, where metal earmarked for removal from a warehouse is put back on warrant.
The increase follows a smaller build on Friday and took total LME copper stocks MCUSTX-TOTAL up to 223,550 tons, still barely half what they were in May after a protracted draw.
Cash premium remains steep as China data weighs on sentiment
The deliveries came as the cash LME copper contract CMCU0 hit a record high on Monday and traders sought to capture its steep premium over the three-month forward CMCU0-3. The spread last traded at $362 a ton, easing from as much as $545 on Monday but still in steep backwardation.
China's factory output grew 4.5% in July from a year earlier, missing expectations, while fixed-asset investment in the country, which includes investment in key copper-consuming sectors like real estate and infrastructure, contracted 6.7% in the first seven months of 2026.
