Base metal prices remained under pressure this week: the Copper price slipped below $9,400 per ton yesterday.
After all, market participants had to face some price-dampening news, Commerzbank’s commodity strategist Carsten Fritsch notes. Copper stocks continue to rise “The communiqué following the Third Plenum of the Communist Party in China was generally considered as vague. Some interpreted the emphasis on high-quality and innovative growth as a willingness to accept a slower pace of growth. Essentially, this indicates a continuation of the previous guidelines and there were no major surprises.
” “According to China's National Bureau of Statistics, refined Copper production rose slightly again in June and was therefore 3.6% higher than the previous year. This means that the correction, in the course of which Copper production had declined somewhat following the strong growth rates before, did not continue.” “China's customs authority reported record-high exports of unwrought Copper and Copper products for the second month in a row in June. This indicates weak domestic demand.
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.
Nearby copper price hit by weak China demand, warehouse surplusNo 1 source of global mining news and opinion
Read more »
Copper price extends rebound on hopes for US rate cuts, China stimulusNo 1 source of global mining news and opinion
Read more »
China’s copper stockpiles shrink again in hint at demand upturnNo 1 source of global mining news and opinion
Read more »
Gold prices dip below $2,300, copper weak on China woesGold prices dip below $2,300, copper weak on China woes
Read more »
Copper holds losses as traders eye soft demand in ChinaNo 1 source of global mining news and opinion
Read more »
Hedge funds’ bullish copper bets run into China’s slowdownNo 1 source of global mining news and opinion
Read more »