BEIJING, Aug 16 (Reuters) -
Copper extended declines on Wednesday, with prices in London hovering around a seven-week low level, as market sentiment deteriorated on disappointing data by top consumer China, and as metal stocks rose.
Three-month copper on the London Metal Exchange moved 0.3% lower at $8,176 per metric ton by 0616 GMT, having hit a seven-week low in the previous session.
The most-traded September copper contract on the Shanghai Futures Exchange lost 0.8% to 67,710 yuan ($9,279.03) per ton, a five-week low.
Data released on Tuesday showed lower-than-expected growth last month in China's industrial production, investment and retail sales, highlighting the struggle of post-pandemic economic recovery.
Meanwhile, a continuing slump in property investment further dented the demand outlook for industrial metals.
"We are making up to 200 yuan losses per ton we sell currently. And if the property woes continue and are exacerbated, we might see demand fall lower in the following months," said a copper rod producer.
Analysts also raised doubts about Beijing's decision to cut key policy rates to revive economic activities will be enough to boost growth.
Souring investor sentiment was reflected by aggressive sell-offs of Chinese stocks by global hedge funds, a Goldman Sachs report showed on Tuesday.
Meanwhile, tight copper stocks globally, which have underpinned prices, are seen easing.
Total copper stocks on the LME have risen 52.3% in one
month to 90,150 tons as of Tuesday.
LME aluminium shed 0.2% at $2,138.50 a ton, zinc lost 0.7% to $2,298.50, nickel gained 0.4% to $19,850, while tin and lead were listless at 25,195 and $2,121.
SHFE aluminium trended up 0.4% to 18,440 yuan a ton, lead added 1.1% to 16,070 yuan, while nickel fell 0.7% to 162,550 yuan, tin slipped 0.6% at 211,570 yuan, zinc dropped 1.9% to 19,945 yuan.
For the top stories in metals and other news, click or ($1 = 7.2971 Chinese yuan renminbi) (Reporting by Siyi Liu and Andrew Hayley; Editing by Varun H K and Sohini Goswami)
