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London copper futures rose on Friday after China released positive real estate and infrastructure growth data, with zinc and lead futures hitting multi-month highs as investors worried about supply shortages
.
At 17:00 London time on October 18, 00:00 Beijing time on October 19, the LME three-month copper rose 1.
3% to $5,806 a tonne in final public outcry, after a modest rise of 0.
2%
the day before.
Industrial metal prices were volatile after data showed China's economy slowed to 6 percent year-on-year in the third quarter, slightly weaker than expected and the lowest in nearly 30 years
.
China's National Bureau of Statistics reported on Friday that gross domestic product grew 6 percent year-on-year in the third quarter of this year, falling short of the survey's median estimate of 6.
1 percent, the lowest quarterly GDP since records began in 1992; GDP in the first three quarters increased by 6.
2%
year-on-year.
However, metal prices moved higher
as investors digested the data.
The data also showed that China's real estate investment rose by 10.
5% in the first nine months of 2019, infrastructure investment increased by 4.
5%, and industrial output increased by 5.
8% in September
.
Deutsche Bank analyst, "The slight acceleration in the growth rate of new real estate starts is quite an important signal because people are very pessimistic
about the Chinese real estate industry.
"
"Infrastructure investment growth also picked up slightly, so the two key factors driving demand for Chinese mainland metals rose slightly, but there was nothing to fuss about, data updated on the National Bureau of Statistics website on Friday showed that China's refined copper (electrolytic copper) production in September was 838,000 tons, up 11.
6% year-on-year; The total output of refined copper from January to September was 6.
986 million tons, up 6.
4%
year-on-year.
The output of copper in September was 1.
756 million tons, an increase of 11.
1% year-on-year; The total output from January to September was 14.
297 million tons, an increase of 9.
3%.
The data also showed that China's zinc production in September was 548,000 tons, an increase of 18.
9% year-on-year; The total output in September was 4.
583 million tons, up 9.
5%
year-on-year.
