BEIJING, Jan 10 (Reuters) - Prices of copper, often viewed as a gauge of economic health, were under pressure on Wednesday as traders assessed global economic headwinds, while a weaker yuan weighed on buying interest from top consumer China.
Three-month copper on the London Metal Exchange edged 0.1% up to $8,380 per metric ton by 0216 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange slid 0.3% to 67,970 yuan ($9,474.89) per ton.
The World Bank warned on Tuesday that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries.
Weighing on sentiment, the World Bank also forecast China's economic growth to slow to 4.5% in 2024.
Growing expectations of policy easing in China to shore up its economy resulted in a weaker yuan, making it more expensive for Chinese buyers to buy the greenback-priced metal.
That said, buyers in Asia benefited from record discounts on LME cash copper prices against longer-dated contracts due to near-term oversupply.
Globally, investors awaited U.S. inflation data on Thursday for clues on when the Federal Reserve is likely to cut rates.
Also on Friday, China will release its trade data this week to gauge prospects for demand in the world's biggest metals consumer.
LME aluminium added 0.2% to $2,253 a ton, zinc climbed 0.8% to $2,524, tin increased 0.6% to $24,390, lead was up 0.6% at $2,064.50, while nickel slipped 0.2% to $16,260.
SHFE aluminium ticked 0.7% higher to 19,120 yuan a ton, tin nudged up 0.1% to 204,600 yuan, nickel added 0.3% to 125,440 yuan, lead rose 0.8% to 16,265 yuan, and zinc was flat at 21,175 yuan.
For the top stories in metals and other news, click or
($1 = 7.1737 yuan) (Reporting by Siyi Liu and Andrew Hayley; Editing by Sherry Jacob-Phillips)
