The price of copper declines on Chinese data

The price of copper declines on Chinese data


On the price of copper is influenced by statistics from China, whose economy is showing the slowest growth since 2009.

MOSCOW, 19 Oct. Copper prices on Monday are demonstrating 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 at 11.47 GMT the December copper futures on the Comex became cheaper on 0,42% — to 2.39 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%. Despite the fact that the rate 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%.

“Overall, it’s not bad, but it’s not super-great,” commented on these statistics Reuters Argonaut Securities analyst in Hong Kong Helen Lau (Helen Lau).