According to foreign news on August 29, copper and aluminum prices extended their losses on Thursday, pressured by rising inventories, sluggish demand in China and a strong dollar.
Copper for delivery in three months on the London Metal Exchange was down 0.22 percent at $9,240 a tonne after falling as much as 2 percent in the previous session.
Copper stocks in LME-registered warehouses jumped 8,700 tonnes to 322,950 tonnes, the highest in about five years and double their level in mid-June, LME data showed on Thursday.
Analysts say most of the recent metal inflows have found their way into LME warehouses in Asia, thanks to heavy Chinese exports.
"We may see more LME inventory deliveries, even into September," said one head of commodity markets strategy.
The arbitrage window that incentivized Chinese exports had closed, she added, but flows continued due to delays in approvals and other shipping issues.
Since hitting a 4-1/2-month low on August 5, copper prices on the LME have rebounded about 9 per cent. It reached $9,453 on Tuesday before easing back on Wednesday.
"Until we see a more meaningful pickup in Chinese demand, the upside is limited." Data for the property market remain subdued, and other types of fixed-asset investment have seen only a modest pick-up."
The main 24October copper contract on the Shanghai Futures Exchange fell 1.13 percent to 74,200 yuan a tonne.
Mining company BHP Billiton said on Tuesday it was cutting its forecast for copper growth in China this year to between 1 and 2 percent, noting that housing completions were expected to contract sharply this year.
LME aluminum for three-month delivery fell 1.2 percent to $2,467 a tonne, partly due to oversupply concerns as inventories at warehouses approved by the Shanghai Futures Exchange climbed. Aluminium inventories on the Shanghai Futures Exchange have risen 36 per cent in the past three months.
Nickel for three-month delivery on LME slipped 0.4 percent to $16,955 a tonne. Three-month zinc slipped 0.1 percent to $2,877.50 a tonne. Three-month lead fell 1.4 percent to $2,055 a tonne. Three-month tin fell 0.7 percent to $32,375 a tonne.
