Copper futures hovered around $5.3 per pound on Monday after sliding nearly 3% in the previous session, pressured by disappointing economic data from China, the world’s largest consumer of the metal. November retail sales growth and industrial production fell short of expectations amid subdued domestic demand, while fixed asset investment declined more than forecast. New home prices also contracted for the 29th consecutive month, deepening concerns over the property sector. Sentiment was further weighed by news that bondholders rejected China Vanke’s proposal to defer a bond payment due today by one year, raising fears of a potential default. Copper, a key input for construction, power, and manufacturing, nevertheless remained near multi-month highs, supported by tightening inventories in London and constrained global supply.
