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.
