According to trading, the December copper futures on the Comex rose in price up to 2.22 per pound amid mixed data from China and concerns about the prospects of new measures to support the economy of the country.
MOSCOW, 11 Nov. The price of copper in the environment fluctuate slightly after mixed data from China raised questions about the prospects for new measures of support of economy of China by the authorities of the country, according to AFP.
As at 19.05 GMT December futures for copper on the Comex rose in price on 0,23% — to 2,22 us dollar per pound (about 0.45 kilograms). The Minister also said that they became cheaper by 0.4%.
At the end of trading Tuesday the cost of a ton of copper on the London metal exchange (LME) for delivery in three months fell by 0.78% to 4925,50 dollars per ton, updating the minimum since September 29 at 4940 dollars per ton. Price per ton of aluminum has decreased on 0,26%, to 1508 dollars, zinc — on 2,25%, to $ 1607.
In the centre of attention of investors on Wednesday appeared to be a new portion of statistics from China, which is the world’s largest consumer of the metal. In particular, the National Bureau of statistics of China reported that retail sales in the country in October in annual terms grew by 11%, which was higher than analysts ‘ forecasts at 0.1%, and September’s figure is 10.9%. While the pace of annual growth of industrial production of China in October slowed to 5.6% from 5.7% a month earlier.
“The Chinese government and the Central Bank will almost certainly have to resort to additional measures to support the economy. This perspective should support metal prices”, — quotes Reuters the opinion of the analysts of Commerzbank.