London copper prices inched higher on Thursday after three straight sessions of losses, although gains were limited by concerns about demand amid slowing global economic growth.
Three-month copper on the London Metal Exchange rose 0.3 percent to $7,698 a ton, while the most-traded September copper contract on the Shanghai Futures Exchange fell 1.2 percent to 59,340 yuan ($8,787.99) a ton.
LME copper has lost 29 percent since hitting a record high of $10,845 a ton in March.
China’s State Grid plans to invest more than 150 billion yuan ($22 billion) in the second half of 2022 in ultra-high voltage power transmission lines, expected to drive demand for raw materials including copper and aluminum.
Metals prices were also weighed down by tensions between the United States and China over Taiwan, and fears that rising interest rates across the globe would dent economic activities.
LME aluminum rose 0.9 percent to $2,398.50 a ton, zinc advanced 0.4 percent to $3,289.50 a ton, ShFEaluminum increased 0.2 percent to 18,205 yuan a ton and tin was up 0.4 percent at 193,150 yuan a ton. — Reuters
