Copper drifts on limited China buying, BOJ stimulus supports
Attention is shifting towards the scale of a revival in economic growth in top consumer China, with traders hoping HSBC's China flash purchasing manufacturer's index, due for release on Thursday, will provide fresh momentum.
"Things have fizzled out a little from yesterday," said Thomas Lam, chief economist at DMG & Partners Securities in Hong Kong.
"It's possible in the very near term the China macro backdrop could continue to show further signs of stabilisation and that it could fuel positive sentiment. But given all the uncertainties in the global economy, it's unlikely there will be a sustained significant rally for now."
Three-month copper on the London Metal Exchange was trading at $8,115 a tonne by 0702 GMT, slipping 0.18 percent from the previous session. It gained 1 percent on Tuesday to hit its highest since Jan. 11 at $8,144.50.
Copper has been stuck in a range of $7,920 to $8,250 this year, and traders and analysts expect prices to largely remain flat until after the Lunar New Year in mid-February.
The most-traded May copper contract on the Shanghai Futures Exchange closed almost unchanged at 58,810 yuan ($9,500) a tonne. It marked its second highest point this year at 59,020 a tonne the session before.
The BOJ announced on Tuesday its most determined effort yet to end years of economic stagnation,
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