Copper prices fall to-month low on Chinese data

Copper prices fall to-month low on Chinese data


December copper futures on the Comex became cheaper by 0.24%. By the end of trading Friday the price of a ton of copper on the London metal exchange for delivery in three months fell by 0.35%.

MOSCOW, 2 Nov. Copper prices on Monday continued to show negative dynamics, falling to lows last month, after statistics on the industrial sector of China, the world’s largest consumer of the metal, again showed a decline in the sector, according to AFP.

As at 18.45 Moscow time, December copper futures on the Comex became cheaper by 0.24% to 2,31 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 fell by 0.35% to 5112 dollars per ton. The price of a ton of aluminum increased by 0.58% to 1478,50 dollars, zinc — on 0,41%, to a mark 1710 dollars.

According to an independent survey Caixin and Markit Economics, the index of business activity (PMI) in the industrial sector of China in October amounted to 48.3 vs 47.2 points in September. Thus, the PMI index in industry of China eighth month in a row drops below the 50 point mark. A value above 50 indicates growth in activity, lower — its decline.

“The condition of the manufacturing sector of China is probably still some time will remain weak in the context of the reversal of the Chinese economy towards consumption” — leads Reuters words of Societe Generale analyst Robin Bar (Robin Bhar).