(Adds analyst comment, updates prices, changes dateline)
By Polina Devitt
LONDON, July 15 (Reuters) - Copper prices were little
changed on Tuesday as mixed data from top metals consumer China
was balanced by pressure from rising available inventories in
warehouses approved by the London Metal Exchange.
The price of benchmark copper on the LME fell 0.1%
to $9,613 a metric ton by 0945 GMT. On the technical front, the
contract is sandwiched between its 50-day and 100-day moving
averages at $9,659 and $9,567, respectively.
Copper, used in power and construction, is down 2.6% so far
in July as exports to the United States became less appealing
after Washington said last week it planned to impose a 50%
import tariff on copper from August 1.
"LME copper should fall modestly as the 'extra' U.S. front
loading demand eases, allowing inventories to replenish, but
downside appears limited," Morgan Stanley said in a note.
As Washington's announcement left three weeks until the
tariff deadline, the amount of the metal marked as being
prepared for delivery out from the LME warehouses fell to only
11% of the total stocks. At 12,625 tons the so-called cancelled
stocks are at the five-month low compared with 56,325 tons a
month ago.
Meanwhile, data in China showed that the economy slowed less
than expected in the second quarter in a show of resilience in
the face of U.S. tariffs, with June industrial output rising
6.8% year-on-year, ahead of expectations.
However, with new home prices falling at the fastest monthly
pace in eight months, China promised to build liveable,
sustainable and resilient cities in the next phase of its urban
development, abandoning breakneck urban growth that once
super-charged its economy.
The dollar hovered just below a three-week high on Tuesday,
ahead of the release of U.S. inflation data that could give
traders a steer on the near-term outlook for interest rates.
LME aluminium rose 0.2% to $2,597 a ton, zinc
lost 1.0% to $2,702.50, lead eased 0.5% to
$1,992, while tin and nickel fell 0.4% to
$33,355 and $14,995, respectively.