Copper prices fell on Tuesday in London as a weaker yuan against the dollar made greenback-priced assets more expensive to holders of the currency in China, the world's biggest metals consuming market

Copper prices are trading lower for the second day as traders weigh deteriorating economic conditions amid rising rates that are trickling down into the economy.

Data showed China’s economy rebounded faster than expected in the third quarter but the outlook is clouded by COVID-19 control measures, a property slump and weakening growth elsewhere in the world.

Meanwhile, Xi Jinping’s new leadership team heightened fears that economic growth will be sacrificed for ideology-driven policies.

Three-month copper on the London Metal Exchange (LME)) fell 0.5% to $7,515.50 a tonne by 0242 GMT, and the most-traded December copper contract on the Shanghai Futures Exchange was unchanged at 62,750 yuan ($8,589.07) a tonne.

The Chinese central bank set the lowest mid-point since 2008, causing China's onshore yuan to slid to a near 15-year low and the offshore yuan weakened to a record low.

The premium of LME cash copper over the three-month contract {CMCU0-3} rose to $133 a tonne on Monday, the highest since November 2021, indicating tightness of immediately available supply.

Copper prices have coiled over the last several months, forming a Symmetrical Triangle pattern. A breakout may occur once prices pierce above or below the triangle’s trendlines. The measured move—based on the triangle’s widest point—sees a potential breakout to around the 4.15 or 2.67 levels.