Aug. 13 (Bloomberg) -- Copper traded near the highest level in two months before U.S. and European data projected to buoy economic sentiment.
Futures for delivery in three months on the London Metal Exchange rose 0.3 percent to $7,269 a metric ton at 3:11 p.m. in Shanghai after trading between gains and losses. The metal touched $7,318.50 yesterday, the highest since June 7.
U.S. retail sales probably climbed for a fourth month in July, while industrial output in the euro region is estimated to have risen the most in June since 2011, according to surveys of economists by Bloomberg before data due today. Earlier today, Japan reported that its core machine orders beat expectations, falling 2.7 percent in June from May, compared with expectations for a 7 percent drop.
“The market will waver and struggle for direction until early September when more economic indicators provide a clearer picture,” said Xu Liping, an analyst at HNA Topwin Futures Co. Xu said that while U.S. and European data were likely to be positive, investors were still concerned about the longer-term impact from China’s slowdown.
Annual growth in the world’s biggest consumer of copper is expected to be below 7 percent for the next year, chief China economist Zhang Zhiwei at Nomura Holdings Inc. said during an interview today. The metal has fallen 8.2 percent this year.
Copper for delivery in December on the Shanghai Futures Exchange fell 0.4 percent to 52,120 yuan ($8,512) a ton at today’s close. Metal for delivery in September was little changed at $3.3070 a pound on the Comex in New York.
On the LME, nickel rose, tin fell and aluminum, zinc and lead were little changed.
--Alfred Cang. Editors: Brett Miller, Jarrett Banks