London copper prices edged lower on Wednesday, retreating after hitting their highest point in more than five months, although upbeat Chinese economic data and optimism over U.S. rate cuts helped limit the decline.

Three-month copper on the London Metal Exchange was down 0.12% at $9,969, as of 0418 GMT. The contract hit its highest level since March at the start of trading, which was delayed by 90 minutes in Asia on Wednesday. It was not immediately clear what caused the delay.

The most-traded copper contract on the Shanghai Futures Exchange rose 0.5% to 80,180 yuan ($11,209.44) a ton.

Surveys of purchasing managers in China’s manufacturing sector showing expansion in August on the back of new orders indicated healthier demand prospects for industrial metals.

Among other London metals, aluminium lost 0.27% to $2,612 a ton, tin fell 0.27% to $34,640, zinc eased 0.14% to $2,861, and lead was down 0.05% at 1,993, while nickel edged up 0.02% to $15,235. SHFE aluminium edged up 0.14% to 20,745 yuan, lead strengthened 0.06% to 16,885 yuan, and zinc climbed 0.11% to 22,290 yuan, while nickel eased 1.32% to 121,530 yuan and tin lost 0.64% to 272,600 yuan.
Source: Reuters