Sumary of London copper edges up as U.S. tapering pressure eases:
- Article content Copper prices in London edged up on Wednesday as investors cheered slowing consumer price increases in the United States, easing pressure for an early policy tapering.
- Underlying U.S. consumer prices increased at their slowest pace in six months in August, suggesting that inflation had probably peaked though it could remain high for a while.
- Keeping a lid on metals prices was a COVID-19 outbreak in China’s Fujian province, which reported its fifth straight day of new local infections, though cases remained contained in three cities on the coast.
- FUNDAMENTALS * Accelerating production cuts in top producer China will create large shortages of aluminum this year, while worries about supply chain disruptions in Guinea have helped propel prices to 13-year highs.
- * China’s industrial output grew 5.3% in August from the same period a year ago, narrowing from a 6.4% increase in July, while retail sales growth slowed significantly, official data showed.