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Shanghai copper set for weekly loss as China data…

Aug 14 – Shanghai copper prices on Friday were set to rack up a loss for the week, as disappointing data from China and uncertainty around a U.S. stimulus package squeezed prices.

The most-traded September copper contract on the Shanghai Futures Exchange fell 1% to 49,970 yuan ($7,192.10) a tonne by 0303 GMT, down 2.8% on a weekly basis.

China’s retail sales in July fell unexpectedly from a year ago while a comeback in factory output was slower than forecast amid signs that recovery from the coronavirus pandemic remains fragile in the world’s second-largest economy.

Investors had hoped for additional virus relief measures from the United States, but talks have been fruitless.

Three-month copper on the London Metal Exchange, rose 0.8% to $6,303.50 a tonne, however, as falling inventories <MCUSTX-TOTAL> lent support. The LME cash contract was traded at $7.50-a-tonne premium to the three-month contract, indicating tight nearby supplies.

FUNDAMENTALS

* China’s July aluminium output hit a record high as the longest domestic prices rally in more than a decade prompted smelters to restart production and launch new capacity.

* LME nickel rose 1.4% to $14,300 a tonne, while ShFE nickel advanced 1% to 113,800 yuan a tonne. Zinc prices fell 0.1% to $2,372.50 a tonne in London and declined 0.4% to 19,320 yuan a tonne in Shanghai.

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MARKETS NEWS

* Asian shares fell after lacklustre Chinese economic data and worries about a delay in U.S. fiscal stimulus discouraged some investors from taking on risk.

DATA/EVENTS (GMT)

0630 India WPI Inflation YY July

0645 France CPI (EU Norm) Final MM, YY July

0900 EU GDP Flash Estimate QQ, YY Q2

1230 US Retail Sales MM July

1315 US Industrial Production MM July

1400 US U Mich Sentiment Prelim Aug

($1 = 6.9479 yuan) (Reporting by Mai Nguyen; Editing by Ramakrishnan M.)

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