According to trading, the December copper futures on the Comex became cheaper to 2.36 per pound on investor uncertainty in the economic prospects of China.
MOSCOW, 19 Oct. Copper prices on Monday continue to show a negative trend investor uncertainty in the economic prospects of China, the world’s largest consumer of the metal, after the publication of the local statistics, according to AFP.
As of 17.12 GMT the December copper futures on the Comex became cheaper on 1,71% — to 2.36 per pound (about 0.45 kilograms).
By the end of trading Friday the price of a ton of copper on the London metal exchange (LME) for delivery in three months declined 0.43% to $ 5285 per ton. Price per ton of aluminum fell by 0.10% to 1572 dollars, zinc — on 1,42%, to 1801 dollar.
The growth of China’s GDP in the third quarter in annual terms it stood at 6.9% vs. 6.8%. Although the figure was better than analysts ‘ forecasts, the growth of the economy still shows the slowest pace since 2009. Besides the country’s industrial production in September rose yoy by 5.7% against the forecast of 6%. In August the growth was of 6.1%.
As reported the newspaper The Wall Street Journal Commerzbank analyst Daniel Briesemann (Daniel Briesemann), GDP data of China to explain “bear” moods in the market of copper and other metals. According to him, the growth of the indicator is associated with an improvement in the service sector, not production, so investors can not be optimistic.