Copper fell on Friday after consumer prices rose in line with expectations in the United States, curbing a tendency for investors to buy the raw material as a hedge against inflation.
Three-month copper fell 0.4% to $9.498 a tonne on the London Metal Exchange (LME).
While inflation figures in the United States showed the biggest year-over-year increase in more than 39 years, many investors had prepared for much higher numbers.
China’s major copper smelters increased their output by 1.3% in November compared to the previous month as fewer producers performed maintenance and power supply shortages eased, the Antique Research Center said.
Zinc on the LME rose 0.5% to $3,328 per tonne, while daily LME inventory data rose 14,025 tonnes to 164,425 tonnes, disrupting the trend of multi-month outflows.
On the LME, aluminum declined 0.5% to $2,612.50 a tonne, nickel was down 0.3% to $19,810, tin was down 0.2% to $39,435, but lead rose 0.4% to $2,293.50.
Gold soared in the United States as its appeal as a haven from high consumer prices. The precious metal was up 0.5% to $1,783.61 an ounce.
“Wannabe troublemaker. Pop culture fanatic. Zombie nerd. Lifelong bacon advocate. Alcohol enthusiast. Tv junkie.”