COPPER
Chinese
consumer inflation data stressed commodities traders. Copper was hammered down
as a rise in warehouse stocks convinced traders that end-demand in China has
not materially improved despite Beijing's economic stimulus.
The
latest leg down came as LME data showed more than 42,000 tonnes of copper
arrived in warehouses – mostly Chinese smelter delivering into Singapore and
Korea – just over the last two days.
"Chinese
manufacturing is not picking up momentum, so demand is not picking up and there
is no reason for copper prices to rise" The copper price has been under
pressure recently after a reading of Chinese manufacturing activity
showed
that Beijing's economic stimulus program is beginning to run out of steam.
Fears of devaluation in the renminbi compounded the pressure on the copper
price as China is responsible for 46% of total global copper demand.
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