According to trading, the December copper futures on the Comex became cheaper up to 2.40 dollars per pound on concerns of investors over China’s economic health.
MOSCOW, 16 Oct. Copper prices on Friday show a negative trend on concern investors over the economic condition of China, the world’s largest consumer of the metal, according to AFP.
As at 17.52 GMT December futures for copper on the Comex was down by 1.11% to 2.40 dollars 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 rose 0.17% to 5308 dollars per ton. Price per ton of aluminum fell by 1.19% to $ 1574, and zinc — rose by 0.55% to $ 1827.
Earlier this week it became known that exports in September declined by 3.7% and imports fell by 20.4% in annual terms. As a result, the trade surplus of the country last month was 60,34 billion. Analysts had expected the decline in exports by 6.3%, import — by 15%, and predicted that the trade surplus will amount 46,79 billion.
Annual consumer inflation in China in September was at the level of 1.6%, below forecasts of the analysts expecting the value to be 1.8%. In monthly terms, consumer prices rose 0.1% vs. the forecast of 0.5%. China is the world’s largest copper consumer. It accounts for about 40% of global demand for copper. The statistics raised fears of investors that a weak economy would reduce demand for copper in China.
“The mood on the metal markets depressed due to weak Chinese data received this week, and now investors are waiting for statistics on GDP in the third quarter, which will be published on Monday. It will probably provide further evidence of the weakness of the economy”, — told the newspaper The Wall Street Journal analyst CMC Markets Michael Hewson (Michael Hewson).
