(Recasts and updates prices)
BEIJING, July 24 (Reuters) - Copper prices slipped again
on Wednesday, and were hovering around a three-and-a-half month
low hit in the previous session, amid demand concerns in top
consumer China and a risk-off sentiment.
Three-month copper on the London Metal Exchange was
down 0.1% at $9,161 per metric ton by 0656 GMT, its lowest since
April 3.
The most-traded September copper contract on the Shanghai
Futures Exchange lost 0.5% to 74,950 yuan ($10,302.55)
a ton, also its weakest since April 3.
Lower-than-expected second quarter economic growth and a
lack of targeted stimulus to boost China's ailing property
sector from last week's policy meeting sparked sell-off in
metals.
Broadly, investors switched off risk appetite as they assess
a possible U.S. administration led by Donald Trump might set
more trade tariffs, impacting demand and the global economy,
traders said.
However, the falling prices encouraged more demand in the
spot market, which will lead to a gradual decline in copper
inventories in China, said Shanghai Metals Market in a note.
The yangshan premium , an indicator of import
demand, rose to a three-month high of $18 per ton on Tuesday.
Miner Freeport-McMoran ( FCX ) remains bullish on copper
demand, helped by massive investment in the power grid,
renewable generation technology, infrastructure and
transportation.
LME lead gained 0.3% to $2,066 a ton, zinc
added 0.5% at $2,702, tin jumped 2.3% to $30,105, nickel
ticked up 0.2% to $16,060, while aluminium was
little changed at $2,296.50.
Citi delivered large amounts of lead to LME-approved
warehouses in Singapore on Monday for profitable financial
deals, three sources said, taking total LME stocks of the
battery metal to their highest since early May.
SHFE aluminium dipped 0.2% to 19,325 yuan a ton,
nickel rose 0.1% to 128,400 yuan, lead added
0.3% to 19,155 yuan, tin moved up 0.8% to 252,690 yuan
and zinc declined 0.9% to 23,040 yuan.
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($1 = 7.2749 Chinese yuan renminbi)
(Reporting by Siyi Liu and Mei Mei Chu; Editing by Subhranshu
Sahu and Varun H K)