• 824 days Will The ECB Continue To Hike Rates?
  • 824 days Forbes: Aramco Remains Largest Company In The Middle East
  • 826 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,226 days Could Crypto Overtake Traditional Investment?
  • 1,231 days Americans Still Quitting Jobs At Record Pace
  • 1,233 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,236 days Is The Dollar Too Strong?
  • 1,236 days Big Tech Disappoints Investors on Earnings Calls
  • 1,237 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,239 days China Is Quietly Trying To Distance Itself From Russia
  • 1,239 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,243 days Crypto Investors Won Big In 2021
  • 1,243 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,244 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,246 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,247 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,250 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,251 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,251 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,253 days Are NFTs About To Take Over Gaming?
Fake Reviews Go All The Way To The Top

Fake Reviews Go All The Way To The Top

Monitoring service Fakespot Inc found…

Biggest Job Gains in History, but It’s Not Enough

Biggest Job Gains in History, but It’s Not Enough

The U.S. economy added 467,000…

Russian Default Looms Large, Visa Joins the Exodus

Russian Default Looms Large, Visa Joins the Exodus

Giant Visa and Mastercard have…

  1. Home
  2. News
  3. Breaking News

Economic Woes Weigh On Copper Prices

Copper

The price of copper dropped on Monday amid intensifying worries about China’s economic slowdown, particularly in manufacturing, vital to the overall demand for the bellwether metal.

In afternoon trading in New York, copper for delivery in July was trading just off its low for the day of $2.638 a pound ($5,815 a tonne), down more than 2% on the day and wiping out any gains for 2019 in the process.

Trade worries have dogged copper price bulls for the better part of a year, but more recently weak data from China (and the US and Germany, the world’s top three consumers of industrial metals), has intensified the sell off.

Chinese manufacturing data for August released Monday was nothing short of dismal with the National Bureau of Statistics outlining a 4.4% rise in factory output which was well below forecasts and the lowest reading since February 2002.

The CEO of the world’s number one producer of copper, Chile’s Codelco, did not provide any solace to copper bulls, telling local media that prices will remain depressed through 2020, Reuters reports.

Recently installed chief executive Octavio Araneda, said: “Everything indicates that the price of copper will not improve next year. The trade war is difficult to predict,” adding that the state-owned company would instead seek to immediately boost production.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment