Copper continues to fall on weak statistics from China

Copper continues to fall on weak statistics from China

According to trading, the December copper futures on the Comex became cheaper to 2.41 per pound due to weak statistics from China.

MOSCOW, 13 Oct. Copper prices continue to decline on Tuesday due to weak statistics from China, the world’s largest consumer of the metal, according to AFP.

As at 17.14 GMT December futures for copper on the Comex became cheaper by 0.31% to 2.41 USD per pound (about 0.45 kilograms). At the end of trading Monday the price of a ton of copper on the London metal exchange (LME) for delivery in three months rose 0.38% to 5315 us dollars per ton. Price per ton of aluminum has decreased on 1,18%, to 1594 dollars, zinc — grew by 0.38% to $ 1843.

On Tuesday it became known that exports in September declined by 3.7% and imports fell by 20.4% in annual terms. As a result, the trade surplus of the country last month was 60,34 billion. Analysts had expected the decline in exports by 6.3%, import — by 15%, and predicted that the trade surplus will amount 46,79 billion.

“We see the data on imports of China, which were worse than expected. Weak imports suggests that demand for metals is still low,” the newspaper cites The Wall Street Journal word of the analyst Phillip Futures Daniel Anga (Daniel Ang).

China is the world’s largest copper consumer. It accounts for about 40% of global demand for copper. The statistics raised fears of investors that a weak economy would reduce demand for copper in China.