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Chinese data shows that copper has fallen from its three-month high.

The copper price fell on Friday, from its three-month high after weak data out of China's top metals consumer and some profit taking. However, losses were minimal due to tight underlying conditions and high premiums.

By 1000 GMT, the benchmark London Metal Exchange three-month copper fell 0.6% to $9,838 per kilogram after reaching $9,917 at its highest level since March 27. It was up by 2.7% this week.

The data showed that China’s industrial profits fell sharply in May compared to a year ago, due to a slowdown in factory activity.

Nitesh Sha, commodity strategist for WisdomTree, said that falling industrial profits are not good news for the industry in general. However, it does not translate directly into lower copper demand.

The copper stories are still in full force, as we can see.

Shah said that China has spent a lot on its grid. Citi stated in a report that it hit a new record in 2018 and increased by 19% during the first five months in 2025.

The Shanghai Futures Exchange copper price rose by 1.5%, to 79.920 yuan (11,148.93 dollars), after hitting 80.060 yuan - its highest level since March 31. The copper price was up by 2% over the past week.

The expectation that the United States would impose tariffs against copper imports has caused metal to be pulled into that country, causing shortages elsewhere.

The data released on Friday shows that the inventories of warehouses monitored and controlled by ShFE Sliding 19% from the week before to 81.550 tons. This is a 70% drop over the last four months.

LME copper stock has fallen 66% over the same period. This has sent premiums for contracts near LME copper to soar.

The LME Cash Copper Contract Premium over the Three-Month Contract On Thursday, the price of a ton rose to $320, its highest level since November 2021. It was $101 on Wednesday.

U.S. Comex Copper Futures dropped 1.3% to $5.06 per lb. This brings the premium of Comex to LME Copper to $1,321 per ton.

Other metals include LME aluminium, which fell by 0.5% to 2,572 per ton. Zinc fell 0.6%, to $2.752, while lead dropped 0.32%, to $2.031.50. Nickel fell by 0.1%, to $15.195, and tin declined 0.6%, to $33,565.

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(source: Reuters)