The cost of a ton of copper on the London metal exchange (LME) for delivery in three months fell by 0.46% to 4964 dollars per ton, approaching the lowest level since September 29 at 4940 dollars per ton.
MOSCOW, 10 Nov. Copper prices on Tuesday to demonstrate negative dynamics on the background of weak statistical data from China, the world’s largest consumer of the metal, to give added fears for the prospects of the economy and demand for copper, according to AFP.
As at 07.28 MSC December copper futures on the Comex became cheaper by 0.2% to 2.23 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 fell by 0.46% to 4964 dollars per ton, approaching the lowest level since September 29 at 4940 dollars per ton. Price per ton of aluminum has decreased on 0,72%, to $ 1512, zinc — has decreased on 0,99%, to $ 1644.
Annual consumer inflation in China in October was at its lowest level since may of this year to 1.3%, below forecasts of the analysts expecting the value at 1.5%. In monthly terms consumer prices fell by 0.3% against a rise of 0.1% in September. China is the world’s largest consumer of copper, the statistics raised fears of investors that a weak economy would reduce demand for copper in China.
In addition, on Monday it became known that the surplus of the trade balance 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%.
“Market pricing happens the worst way due to the slowdown of China’s economic growth, and so we do not see significant upside potential in copper prices”, — quotes Reuters the words of strategist at ANZ Bank in Sydney Heinze Daniel (Daniel Hynes).