Copper becomes cheaper for weak foreign trade statistics from China

Copper becomes cheaper for weak foreign trade statistics from China


According to trading, the December copper futures on the Comex became cheaper to 2.24 per pound amid weak statistical data from China and fears over the economy.

MOSCOW, 9 Nov. Copper prices on Monday are demonstrating negative dynamics on the background of weak statistical data from China give added fears for the prospects of the economy and demand for copper, according to AFP.

As at 19.07 GMT December futures for copper on the Comex became cheaper on 0,07% — to 2,24 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 0.48% to $ 4987 per ton. The price of a ton of aluminium has grown on 1,06%, to $ 1523, zinc — fell by 0.21% to 1660,5 dollar.

Frustrated investors have brought statistics of China, under which the trade surplus of the country in October amounted to 61.4 billion dollars, while analysts expected its value at around 62 billion dollars. The volume of exports fell in the reporting month by 6.9% in annual terms, while the experts waited for reduction of only 3.3%. The volume of imports fell by 18.8%, which also surpassed analysts expected a decline of 15.2%.

“Statistics is not pretty, but I don’t think it came as a shock. In General, I don’t know what could support prices in the short term”, — quotes Reuters the words of SP Angel analyst Sergei Rajewski (Sergey Raevskiy).