Copper steadies

Reuters

Sydney

Copper was trading flat on Friday, steadying a day after dropping on concerns that slowing economic growth in China could hit demand from the world´s top metals consumer.

Moody´s Investors Service downgraded China´s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.

Three-month copper on the
London Metal Exchange was up 0.14
percent at $5,690 a tonne by 0100 GMT,
reversing losses from the previous session.

The most-traded copper contract on
the Shanghai Futures Exchange gained 0.11 percent to 45,920 yuan ($6,666) a tonne.

Canadian miner Teck Resources does not expect a material impact on production at its Highland Valley copper unit because of unusual spring weather earlier in May.