The copper price is primarily affected by the economic slowdown and weakening export performance in China, the largest metal consumer in the world.
MOSCOW, 13 Nov. Copper prices on Friday have negative momentum, trading within the area of at least 6 years, as weak Chinese data published this week has reinforced fears over the economic Outlook of the country and the demand for the metal from its biggest customer, according to AFP.
As at 08.33 GMT December futures for copper on the Comex was down 0.51% to 2.16 dollar per pound (about 0.45 kilograms).
At the end of trading Thursday the price of a ton of copper on the London metal exchange (LME) for delivery in three months fell by 2.42% to 4823,5 dollars per ton. Price per ton of aluminum dropped to 1.71 percent to 1492 dollars, zinc — on 0,49%, to $ 1615.
This week, the national Bureau of statistics of China reported slowing industrial production growth in China and the weakening export performance of the country.
“Economic growth in China, rather slower than stabilizing. And since copper prices are closely correlated with the dynamics of the economy of the PRC, it becomes evident that copper prices tend to be lower”, — quotes the edition of The Wall Street Journal the words Societe Generale analyst Robin Bar (Robin Bhar).