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Copper prices retreated on Monday as Chinese data suggesting poor demand prospects added to disappointment with economic stimulus measures from the top consumer, weighing on sentiment.
However, traders said losses were capped by lower copper stocks in warehouses registered with the London Metal Exchange (LME) . At 276,100 metric tons, stocks have dropped 15% since late August.
Benhmark copper on the LME was down 0.4% at $9,568 a ton by 1045 GMT. It has mostly traded in a narrow $400 range over the past couple of weeks.
China's industrial profits plunged in September, registering the steepest monthly decline of the year, owing to factors incuding weak demand and a sharp decline in producer prices.
"It's just the latest in a string of poor data from China. The authorities don't seem to be able to stop the (decline)," one metals trader said, adding that a meeting of Chinese officials starting on Nov. 4 was fuelling hopes of stronger stimulus.
On the technical front, strong support for copper comes in around $9,490 and $9,470, the 50-day and 100-day moving averages respectively.
Further clues on Chinese demand for industrial metals will come later this week from surveys of purchasing managers in the manufacturing sector, which has been contracting for many months.
Focus is also on the outcome of the Nov. 4 U.S. Presidential election, which could bring widespread tariffs on imports if Donald Trump wins.
Elsewhere, zinc came under further pressure after stocks rose for a third consecutive day to 247,075 tons, easing concern about shortages on the LME market.
The deliveries are behind the narrowing premium for the cash contract over three-month zinc to about $18 a ton, down from last week's peak above $58 a ton.
Three-month zinc was down 1.1% at $3,068 a ton.
In other metals, aluminium slipped 1.1% to $2,648, lead was down 1% at $2,026, tin gained 0.4% to $31,450 and nickel lost 0.4% to $16,100.
(Reporting by Pratima Desai Editing by David Goodman )