FCX Freeport McMoRan Inc

LONDON—Copper prices rose Thursday after better-than-expected import data from China boosted the demand outlook for the world's biggest consumer of the metal.

Three-month copper on the London Metal Exchange rose 0.7% at $5,230 in midmorning European trade.

"Copper is the best-performing metal today, helped by quite positive data on Chinese metals imports," said Stephen Briggs, a BNP Paribas metals analyst.

Chinese refined copper imports rose 22% in September compared with the same month last year. Imports of other metals also rose.

However, Mr. Briggs cautioned, the data doesn't provide sufficient evidence to suggest the pickup in Chinese metals imports is sustainable given the slowing in the overall economy.

Weak economic data out of China has soured the mood on the market this summer fueling concerns that the world's second-biggest economy is poised for a harder landing than expected. China accounts for around 45% of global copper consumption and investors are keeping a close watch on the health of its economy.

Meanwhile, figures from the International Copper Study Group showed that a global copper oversupply continues, adding pressure to prices. According to ICSG, the global copper market showed a seasonally-adjusted supply surplus of 85,000 tons from January to July due to an increase in production while demand for copper remained tepid.

For the year as a whole, the ICSG expects to see a surplus of 41,000 tons due to announced production cuts. Mining companies like Glencore PLC and Freeport-McMoRan Inc. have recently announced plans to cut some production, raising hopes that the cuts could alleviate the global oversupply.

Meanwhile, aluminum prices fell as global production for the first nine months of the year rose by around 10%, primarily due to a step up in production in China, analysts at Commerzbank said in a note to clients.

Among other base metals, aluminum futures fell 0.3% to $1,511 a metric ton; zinc dropped 0.2% to $1,722 a ton; lead was down 0.1% at $1,736 a ton. Nickel futures rose 0.2% to $10.400 a ton while tin rose 0.4% to $15,930 a ton.

Write to Georgi Kantchev at georgi.kantchev@wsj.com and Margarita Papchenkova at Margarita.Papchenkova@wsj.com

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(END) Dow Jones Newswires

October 22, 2015 07:25 ET (11:25 GMT)

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