LONDON: London copper fell slightly on Thursday after rising in the previous session. Prices are underpinned by solid industrial profits in China that allayed concerns about slowing growth and demand for metal but direction was limited ahead of the end of the third quarter and before China, the world´s biggest user of industrial metals, shuts for holidays next week.
LME copper eased lower by 0.1 percent to $6,430 a tonne by 0255 GMT, paring back gains made in the previous session. Prices have fallen in six of the last seven sessions. ShFE copper edged up by 0.2 percent to 50,460 yuan ($7,589) a tonne.
ShFE nickel slid by 1.6 percent to 83,270 yuan. U.S. New orders for U.S.-made capital goods increased more than expected in August and shipments maintained their upward trend, pointing to underlying strength in the economy despite an anticipated drag on growth from Hurricanes Harvey and Irma.
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