Copper is cheaper on the background of the opening of stock exchanges of China after the holidays

Copper is cheaper on the background of the opening of stock exchanges of China after the holidays


According to trading, the December copper futures on the Comex became cheaper to 2.34 USD per pound amid the uncertain Outlook of the Chinese economy.

MOSCOW, 8 Oct. Copper prices decrease on Thursday amid an uncertain economic Outlook for China, the world’s largest consumer of the metal, where on Thursday after a week of holidays has opened a stock exchange, according to AFP.

As at 19.03 GMT the December copper futures on the Comex became cheaper by 1.27% to 2.34 per dollar per pound (about 0.45 kilograms).

At the end of trading environment, the cost of a ton of copper on the London metal exchange (LME) for delivery in three months rose by 0.04% to us $ 5187 / tonne. The price of a ton of aluminum increased by 1.55%, to 1557 dollars, zinc — on 2,17%, to $ 1693.

Stock markets in China after a week of holidays has opened in positive territory. It supported the copper price in Shanghai trading in the metal has risen in price on 3%. However, concerns for the future prospects of the economy of the PRC has put pressure on raw material prices, triggering profit-taking.

“Chinese market participants returned at the end of the “Golden week”, which immediately seems to increase uncertainty in the markets”, — the newspaper cites The Wall Street Journal review analysts Commerzbank.