METALS-Copper prices fluctuate as China GDP meets forecast, markets eye US data

By Hongmei Li

SINGAPORE, July 15 (Reuters) - Copper prices on the London Metal Exchange and the Shanghai Futures Exchange saw narrow fluctuations on Tuesday, as China's GDP growth aligned with forecast, while traders awaited U.S. inflation data and potential monetary policy shifts.

Three-month copper on the LME was up 0.27% at $9,644.5 per metric ton, as of 0203 GMT, while the most-traded copper contract on the SHFE eased 0.33% to 78,030 yuan ($10,883.30) a ton.

China's GDP grew 5.2% during April-June, slightly lower than the 5.4% in the first quarter, and the country's GDP growth for the first half of 2025 was at 5.3%, with fixed asset investment up 2.8% year-on-year, according to China's National Bureau of Statistics.

"Metals market will not be reacting much so long as the China's GDP growth for the first half is above 5%, and for the rest of 2025 and in the longer term, it is more about how Beijing will be dealing with the overcapacity in many industrial sectors and cut-throat competition," a Shanghai-based metals analyst from a futures company said.

China's GDP was projected to grow 5.1% year-on-year in April-June, slowing from 5.4% in the first quarter, according to a Reuters poll.

The dollar hovered near a three-week high against major peers, as traders awaited U.S. inflation data for clues on monetary policy and the potential departure of Federal Reserve Chair Jerome Powell amid continued criticism from U.S. President Donald Trump.

LME aluminium inched 0.17% higher to $2,596.5 per ton, while nickel fell 0.13% to $15,045, and tin was trading flat at $33,515.

SHFE nickel fell 1.1% to 119,440 yuan per ton, tin dropped 0.47% at 264,960 yuan a ton, zinc slipped 0.36% to 22,125 yuan, lead was down 0.18% at 17,030 yuan, and aluminium edged 0.07% lower to 20,420 yuan a ton.

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DATA/EVENTS (GMT) 0900 Germany ZEW Economic Sentiment, ZEW Current Conditions July 1000 EU Reserve Assets Total June 1230 US Core CPI MM, SA June 1230 US Core CPI YY, NSA June 1230 US CPI MM, SA June 1230 US CPI YY, NSA June 1230 US CPI Wage Earner June

($1 = 7.1697 Chinese yuan) (Reporting by Hongmei Li; Editing by Sherry Jacob-Phillips)