Copper price down as China’s manufacturing activity contracts. mining
China’s manufacturing sector activity contracted at a sharper pace in December as surging covid infections disrupted production and weighed on demand, a survey of purchasing managers showed.
A recovery in subway use in major Chinese cities sends “a powerful signal that China is waking from its covid-induced slumber” said Giles Coghlan, an analyst at broker HYCM. “However, that has not been felt in copper markets because of worries that both the US and Europe are heading towards recessions while China’s latest PMI prints show further falls,” he added.
Sliding demand for imported copper in China can be seen in the Yangshan copper premium, which had slumped to $37.50 a tonne on Dec. 30, down more than 70% since the middle of October.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China December factory activity extends declines on COVID infections - Caixin PMIChina's factory activity shrank at a sharper pace in December as surging COVID-19 infections disrupted production and weighed on demand after Beijing largely removed anti-virus curbs, a private sector survey showed on Tuesday.
Read more »
China December factory activity extends declines on COVID surge - Caixin PMIChina's factory activity shrank at a sharper pace in December as surging COVID-19 infections disrupted production and weighed on demand after Beijing largely removed anti-virus curbs, a private sector survey showed on Tuesday.
Read more »
U.S. and China spar over military aircraft intercept over South China SeaThe U.S. and its allies have painted a picture of a Chinese military that is wildly audacious in asserting Beijing's territorial claims.
Read more »
Exploring San Diego: Things to do December 29 through January 1The new year is almost here, and there's plenty to do around San Diego this New Year's weekend. See the list below for events.
Read more »
Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022 – Market Updates Bitcoin NewsAccording to statistics, daily cryptocurrency trade volumes have dropped significantly during December 2022. Last month's volume was 46% lower than November's.
Read more »
South Korea December factory activity weakens on demand slump, trucker strikeSouth Korea's factory activity shrank for a sixth consecutive month in December, a business survey showed on Monday, as the global economic downturn and a local truckers' strike led to the worst slump in demand in 2-1/2 years.
Read more »